Oman Tourism Development Company (Omran) and Majid Al Futtaim recently hosted an official foundation ceremony to further cement their partnership for the OR5-billion ($13 billion) Madinat Al Irfan, Muscat’s new ‘City for the Future’. The foundation ceremony, held under the auspices of Sayyid Khalid bin Hilal Al-Busaidi, Minister of the Diwan of the Royal Court, featured the official reveal of the joint venture company between Omran and Majid Al Futtaim, named Madinat Al Irfan Development Company SAOC.
The company, which has been established to oversee the development and delivery of the new city, has a newly formed board of eight members, chaired by Talal Al Rahbi, deputy secretary general of the Supreme Council for Planning in the sultanate. Speaking at the ceremony, Al Rahbi said: “We are delighted to celebrate the establishment of the Madinat Al Irfan Development Company SAOC and highlight the progress taking shape on the first phase of the new city. The overall scale of the project is unprecedented and directly aligns with the government’s vision to invest in sustainable developments to strengthen and diversify the economy. We believe that Madinat Al Irfan’s mixed-use offering will transform Oman’s economy with significant socio-economic benefits to the Sultanate.”
As the master developer of 4.9 million-sq-m of the core of Madinat Al Irfan, Majid Al Futtaim is currently crafting the first phase of the master plan which includes serviced plots available for commercial, residential, educational, healthcare, leisure and hospitality developments.
Phase one of the city, consisting of approximately 250,000 sqm, will be developed over the next five years and will include public amenities. When complete, the first phase of the joint venture development will be a vibrant mixed-use community that will serve as the new urban centre for Muscat, integrating residential communities and places of commerce and leisure.
