Dubai-based business house Al-Futtaim has signed an agreement with Oman Tourism Development Company (Omran) and the Omani National Investment Funds Company SAOC (Nifco) for the development and management of a planned super-regional mall in Muscat.

Strategically located adjacent to the proposed Oman Convention and Exhibition Centre, the mall will eventually become the capital’s largest retail, leisure and entertainment destination, a statement said.

The planned mixed-use retail destination that will be home to the first Ikea store in Muscat and other renowned global brands such as Marks & Spencer and Toys R Us. It will also feature an entertainment and food court complex.

“During its development phases, the project will create many new employment opportunities for Omanis and upon completion it will have the potential of becoming a key long-term employer for the Sultanate’s career seekers across a variety of sectors, from retail, marketing, sales, to catering and entertainment,” said Nasser bin Khamis Al Jashmi, chairman of Omran.

Abdul Salam Al Murshadi, chairman of Nifco added: “This project is considered to be a key addition to Nifco’s diverse investment portfolio and represents a unique opportunity for us to further stimulate commercial activity in the country through creating this super-regional mall. We are confident that our partnership with such a prestigious conglomerate will contribute to the project’s success.”

Al-Futtaim recently inaugurated Ikea Qatar completing phase one of Doha Festival City and plans to officially open Cairo Festival City later this year where IKEA is also an anchor tenant. In Oman, Al-Futtaim has been present since 1974 and today operates from seven different locations across the Sultanate in trading, property and financial services.

Vice chairman Omar Al Futtaim said: “This is a significant milestone for Al-Futtaim’s operations in Oman, a country where we have enjoyed a long and prosperous presence for the last 40 years.”

“The creation of major retail hubs is crucial towards the development of tourism as it helps destinations attract both regional and domestic traffic and this agreement today lays the foundations upon which Muscat can enhance its future tourism product and enrich the city’s retail landscape,” he added.

“This super-regional mall is designed to inject a new impetus in the local job market both in the short and in the longer terms and upon its completion it aspires to meet the increasingly discerning retail and entertainment needs of rapidly growing middle income Omanis while helping the country attract more cross-border, intraregional and international visitors,” concluded Al Futtaim. – TradeArabia News Service