Dubai-based Majid al-Futtaim (MAF) has received proposals from local and regional banks to lead a finance deal for its Mall of Oman project.

The financing is expected to include an Omani riyal tranche, according to news agency Reuters.

MEED reported in September that MAF had received bids for the main contract to build the mall, worth an estimated $715m.

The bidders include:

• Consolidated Contractors Company (Lebanon) / Shapoorji Pallonji (India)
• Habtoor Leighton Group (UAE) / Galfar Engineering (local)
• Larsen & Toubro (India)
• Six Construction (Belgium) / Al-Turki (local)
• TAV (Turkey)

Located in the Bausher area, the scheme involves building a mall with 137,000 square metres of retail space for 350 outlets, a snow park, a cinema, an amusement area, a supermarket, and a 292-room hotel.

MAF is investing $1.3bn in developing shopping malls in Oman.

The mall developer issued a 10-year $500m sukuk (Islamic bond) in November 2015, following it with a $300m tap in mid-2016. It has a coupon rate of 4.5 per cent. MAF is rated BBB by the US’ Standard & Poor’s and the UK’s Fitch Ratings.