Oman Tourism Development Company (Omran) and Majid Al Futtaim have laid the foundation stone for the $13bn Madinat Al Irfan project. The project is dubbed as Muscats new City for the Future and is expected to spread over 4.9m sqm.
Majid Al Futtaim is the master developer of the project and is said to be crafting the first phase of the master plan, which includes serviced plots for commercial, residential, educational, healthcare, leisure and hospitality developments.
The foundation ceremony was held with the support of Sayyid Khalid bin Hilal Al-Busaidi, Minister of the Diwan of the Royal Court. A new joint venture (JV) company between Omran and Majid Al Futtaim, named Madinat Al Irfan Development Company SAOC was also announced.
The company will oversee the development and delivery of the new city and has a 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 commented, 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 governments vision to invest in sustainable developments to strengthen and diversify the economy. We believe that Madinat Al Irfans mixed-use offering will transform Omans economy with significant socio-economic benefits to the Sultanate.
Phase one of the project will occupy some 250,000sqm and will be developed over the next five years. According to a statement, once complete, the first phase of the JV 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.
Our partnership with Majid Al Futtaim is in line with our strategic approach to bringing together the highest standards of expertise in quality development with genuine local heritage and passion. This partnership will strongly contribute to the strengthening and diversification of the national economy to support Omans Vision 2040 through pioneering tourism infrastructure and lifestyle development. By partnering with Majid Al Futtaim, I have no doubt that we will create a fantastic array of world-class experiences for the benefit of the local community and international visitors alike, added Peter Walichnowski, CEO of Omran.
Hawazen Esber, CEO of Communities at Majid Al Futtaim Properties said, 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. 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 and truly is a city for the future.
