Wednesday, 29 Mar 2023
‘RO5bn Madinat al Irfan will be a catalyst for economic diversification in Oman’

‘RO5bn Madinat al Irfan will be a catalyst for economic diversification in Oman’

Hawazen Esber, chief executive officer of communities at Majid al Futtaim Properties, mentioned, “With a proven track record in developing successful mixed-use destinations and our unique approach to placemaking – Al Mouj Muscat being a great example – we aim to deliver a world-class destination in the heart of Muscat that is people-centric.”

With Majid al Futtaim’s total investment in Oman by 2020 to be more than RO700mn, Madinat Al Irfan’s worth is an addition to the current projects. “Madinat al Irfan is a co-investment of RO5bn. So, Majid al Futtaim is very much present in Oman,” he mentioned.

Esber told Muscat Daily that Majid al Futtaim sees excellent possible in Oman. “We believe in real estate sector here and we are heavily involved in it. I believe the economic situation is stable now and time will tell actually that Oman is a safe bet. We are also happy to work with SMEs in Oman and this is positive for the economy. As an example, in Al Mouj, we have 70 SMEs working and operating within Al Mouj.”

He added, “Our ambition is for Madinat al Irfan to become a catalyst for economic diversification in Oman, and a benchmark in sustainability and urban design for the region. “This exciting project in Muscat is a unique opportunity to activate the master plan – embedding the key learnings from our projects across the region – and establish flexible development guidelines which can unlock further investment opportunities, from developers, operators and individual investors in Oman and from across the region.”

The Madinat al Irfan will additional strengthen the sultanate’s reputation as 1 of the very best locations to reside, function and play in the MENA area, Esber mentioned. “Madinat al Irfan project is twice bigger than our previous Al Mouj project. I think Muscat needs a downtown and we are here to help deliver this vision. The scale and the location is second to none. There is no other project like it, neither in the region nor globally. The access, proximity to the airport, being in the middle of the city, fantastic views and topography, nice sea view and mountain views make the project unique,” he mentioned.

He mentioned that Majid al Futtaim understands the Omani industry nicely. “Most importantly, we understand the market very well after Al Mouj became a great success for us. We want to replicate this success story into Madinat al Irfan.”

Information Source: Muscat Daily

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