Oman-India JV to develop, manage sultanate's malls
MUSCAT, November 16, 2024
Etlala Jouri Muscat Modern Company (ScottOMAN), a leading Omani real estate transactions, property, and facility management company, has inked a strategic partnership with Beyond Squarefeet, an Indian mall advisory and management group, to set up a new venture - Mall-IQ - in the sultanate.
Headquartered in Muscat, ScottOMAN is recognized as an SME Riyada company by the Public Authority for Small and Medium Enterprises, that is dedicated to supporting the growth and development of Oman’s real estate sector.
As per the deal, Mall-IQ, will focus on enhancing the development and management of various real estate assets in Oman under its umbrella, said ScottOMAN in its statement.
By leveraging the combined strengths of both companies, Mall-IQ is set to offer comprehensive and effective solutions for mall owners and real estate developers, providing enhanced value through a global perspective and innovative strategies, it stated.
ScottOMAN pointed out that this partnership comes at a time when professional asset management is gaining traction in Oman.
As local real estate players increasingly seek specialized companies to manage their properties, Mall-IQ will provide bespoke solutions tailored to each asset, helping clients optimize the value of their real estate investments, it added.
Talal Al Foori, the Chairman of ScottOMAN, said: "We are excited to collaborate with Beyond Squarefeet, a company with over 100 malls under its management across multiple countries. This strategic alliance will allow Mall-IQ to deliver world-class services and best practices to our clients, both current and future."
"Our goal is to set new standards in mall management and asset enhancement in Oman," he stated.
"As an SME Riyada company, ScottOMAN is committed to driving innovation and excellence in the Omani real estate market, and this partnership is a natural extension of our ongoing efforts to strengthen our local and regional presence," he added.
Susil S. Dungarwal, the Chief Mall Mechanic at Beyond Squarefeet, said: "Having already worked on several projects in Oman, we are eager to expand our presence and bring our expertise to the local market. This partnership will allow us to implement best-in-class systems and methodologies, ensuring that our clients receive the highest quality services they deserve."
With over 100 projects across India, Iran, Nepal, Nigeria, Oman, and Qatar, Beyond Squarefeet has worked with top real estate brands like Lulu Group, DLF Group, Tata Housing, and Omaxe Group.
"The Mall-IQ partnership combines ScottOMAN’s local market knowledge and Beyond Squarefeet’s international expertise to enhance the asset value and long-term profitability of mall and retail projects," stated Dungarwal.
"Over the years, professional asset management has become crucial in optimizing returns on real estate investments, and Mall-IQ is poised to lead this transformation in Oman," he added.-TradeArabia News Service
