Dubai-based retailer Majid al-Futtaim has announced plans to develop a RO180m ($467.5m) shopping mall in Oman.
Mall of Oman, set to be Omans largest shopping destination, will include 350 stores and will be located in the Bauwsher District in Muscat. Anchor tenants will include Carrefour, Vox Cinemas and Magic Planet.
Work on the mall, which is to encompass 157,000 square metres, will begin in 2014 and is slated for completion in the fourth quarter of 2017.
Omans new shopping and entertainment destination is expected to generate 1,500 jobs for its construction and a further 3,500 jobs once opened, and will enhance the Sultanates retail and entertainment offering for both residents and tourists, said George Kostas, CEO of Majid Al Futtaim Properties.
MAF began operations in Oman in 2001 with Muscat City Centre and has invested over RO150m and generated more than 7,000 jobs in the country since then.
Along with Muscat City Centre, Majid Al Futtaim also owns and operates Qurum City Centre, which it opened in 2008, and is currently developing The Wave mixed-use project, a 50:50 joint venture with the Omani government.
MAF is presently investing over RO30m to renovate and upgrade both Muscat City Centre and Qurum City Centre, which are due to be completed in 2014.
The company, which operates 16 malls across the Mena region, is also increasing overall regional investments as part of its expansion strategy. Last week, the company announced plans to invest $1bn a year over the next five years in retail and property projects.
The company started construction of its Mall of Egypt project in Cairo earlier this year and opened its Beirut City Centre shopping mall in Lebanon last April.
It has also announced major investment plans in Dubai to expand its portfolio of hotels and shopping malls, including an investment of over AED900m ($245m) to upgrade Mall of the Emirates.