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Majid Al Futtaim to boost total investment in Oman

Under the patronage of His Highness Sayyid Haitham bin Tariq Al Said, Minister of Heritage and Culture, Majid Al Futtaim’s Chief Executive Officer Alain Bejjani marks plans to increase the company’s total investment in the Sultanate to OMR 705 million by 2020

 

Under the patronage of His Highness Sayyid Haitham bin Tariq Al Said,  Minister  of  Heritage  and  Culture,  Majid  Al  Futtaim  unveiled  its  plans  to  increase  its  total  investment in the Sultanate to OMR 705 million by 2020, which includes the development of City Centre  Suhar,  a  new  regional  mall.  The  announcement  was  made  to  Omani  dignitaries  at  a  launch event which reinforced Majid Al Futtaim’s commitment to its investments in Oman.

The  company’s  Chief  Executive  Officer  Alain  Bejjani,  and  Majid  Al  Futtaim’s  Oman  country  head,  Talib  Omar  as  well  as  other  Majid  Al  Futtaim  senior  executives  and  Omani  employees welcomed  a  number  of  esteemed  guess  to  a  gala  dinner,  following  the  retail  and  leisure pioneer’s   announcement.   In   addition   to   revealing   new   developments,   the   gala   evening celebrated Majid Al Futtaim’s 15 years of investment and relationship-building in the Sultanate of Oman.

The company’s current investment strategy includes further new developments, such as Mall of Oman and My City Centre Sur, as well as the next stage of development at Al Mouj Muscat and the expansion  of  its  existing  retail  and  entertainment  businesses  including  Magic  Planet, Carrefour and VOX Cinemas. 

Majid  Al  Futtaim’s  planned  investments  are  anticipated  to  create  more  than  42,000  direct  and  indirect job opportunities in the Sultanate in the next five years. A significant percentage of the management  at  Majid  Al  Futtaim’s  malls  in  the  Sultanate  is  made  up  by  Omani  nationals  and  this number is set to increase once the new malls are completed.

The continued investment in Oman’s retail, leisure and entertainment infrastructure by Majid Al Futtaim supports the country’s  National  Strategy  for  Tourism  2040,  which  targets  a  6  per  cent  rise in the contribution of the tourism sector to GDP and a near doubling of visitor numbers to five million annually.