Muscat Grand Mall plans $130m expansion
Muscat, July 17, 2013
Oman’s Muscat Grand Mall will invest more than RO50 million ($130 million) in a major expansion to double retail outlet capacity, parking space and entertainment options and make it the largest retail destination in the Sultanate.
The new development will house 100 new retail outlets in 30,000 sq m of additional mall space, bringing new global brands to Oman for the first time and taking the total number of stores to 250.
In addition, the growth plans include doubling the area of parking space, expanding the entertainment options and creating a compelling new retail and lifestyle destination in Oman.
A press conference conducted to announce the expansion at Muscat Grand Mall was presided by Abdul Rahman Barham, board member of Tilal Development Company, which has been credited with the completion of the ground breaking Muscat Grand Mall project, Harith Al-Brashdi, chief operating officer, Al Madina Real Estate Company and Hassan Jaboub - general manager of Muscat Grand Mall.
"It gives us great pride to announce the second phase of Muscat Grand Mall, which will give customers in Oman the opportunity to experience a retail destination of international standards,” said Barham.
“Using funding of RO50 million, major investments will be made towards raising the profile of the mall as well as creating a world class shopping and entertainment destination for the people of Oman."
"As part of the Tilal Complex, the Muscat Grand Mall - the first phase of the project has been successfully completed with over 90 per cent of the retail and residential spaces already sold,” he added.
“In addition, the expansion will create increased employment opportunities for Omanis and will also be a mechanism through which we can support small and medium enterprises. At present, the retail outlets boast 25 per cent occupancy from SMEs and it is our endeavour to take this initiative further. We recognise that such developments also support the city's growth outlook and further reinforce its core economic sectors, including retail, tourism and hospitality."
The Tilal Complex is the first mixed-use development in Oman, a statement said. Muscat Grand Mall is currently home to over 125 retail outlets, 30,000 sq m of commercial offices where the Nawras headquarters are located, a residential complex of 250 freehold apartments and 115 four star hotel apartments and a rooftop garden.
With the new Muscat International Airport terminal under construction and numbers of tourists projected to increase exponentially into the Sultanate, projects such as the five-star hotel Shaza Hotel Muscat and the residential complex by the Tilal Development Company will be on track to provide a premier lifestyle destination for both tourists and residents.
Home to an array of international brands that have secured their first presence in Oman, the largest food court, a three screen cinema and more than 125 stores currently, it is no surprise that Muscat Grand Mall has become the lifestyle centre for residents in the Sultanate.
Hassan Jaboub said: "Within less than a year of the start of operations at MGM, we are proud to announce a significant growth in the business. Being the first lifestyle destination of its kind in Oman, we are delighted to report that the number of daily visitors averages between 17-20,000 and growing. We are working on the foundations of this success and applying our knowledge in the second development which focuses on customer experience."
"With the first phase secure, we are looking towards strengthening the fashion portfolio of the mall enhancing Muscat's retail offerings. With the added retail space, MGM will draw new and internationally prominent flagship stores of the world's most renowned brands, expanding the choices for our customers,” he added.
Given the added space, average expected footfalls of over 30,000 daily and the premium location that will come with the expanded project, Muscat Grand Mall will ensure that international brands which stringent specifications with regard to franchises, have the perfect setting to enter Oman. – TradeArabia News Service