Majid Al Futtaim, a leading shopping mall and leisure pioneer in the region, officially unveiled its plans to increase its total investment in Oman to RO705 million ($1.825 billion) by 2020, at an event in Muscat today.

The event was held under the patronage of Sayyid Haitham bin Tariq Al Said, Minister of Heritage and Culture. The company’s chief executive officer Alain Bejjani, Oman country head Talib Omar, and other senior executives and Omani employees welcomed a number of esteemed guests to a gala dinner, following the announcement.

In addition to revealing new developments, the gala evening celebrated Majid Al Futtaim’s 15 years of investment and relationship-building in 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. The plan also includes the development of City Centre Sohar, a new regional mall.

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 six per cent rise in the contribution of the tourism sector to GDP and a near doubling of visitor numbers to five million annually, it added. - TradeArabia News Service