Al Mouj Muscat, the Sultanate of Oman’s premier lifestyle destination, has so far invested around $3.5 billion in its sprawling development – a sizable sum that has also had a significant knock-on effect on the country’s socio-economic growth.
An overview of this beneficial impact on the wider national economy was shared by top officials of Al Mouj Muscat at a press conference held on Wednesday, June 1, 2022.
The media briefing, led by Nasser al Sheibani (pictured), CEO, detailed how Al Mouj Muscat has become an engine for diversified growth. To date, it has created an impressive property portfolio, luxury hotels, business parks, 20,000 sqm of retail space and world-class amenities, which has seen the value of its assets grow by 777 per cent. With $3.5 billion in total development costs, the majority of which is spent in the local economy, its impact is securing the next chapter of growth for the Sultanate of Oman.
The premium lifestyle destination has also attracted foreign direct investment of $844 million, encouraged by freehold home ownership. In addition it has a prominent reputation when it comes to corporate social responsibility, totalling RO 4.5 million through the years.
People and knowledge transfer to Omanis remain at the heart of Al Mouj Muscat’s mission. In 2022, the project recorded 2,200 permanent jobs, which is set to expand to 5,500 upon project completion. It boasts 75 per cent Omanisation, from which 40 per cent of the leadership team consists of women, giving Omanis the ideal platform to showcase talent and develop skills.
Al Mouj Muscat is a joint venture between OMRAN, Tanmia and Majid Al Futtaim, a partnership that combines the government’s long-term strategic vision with private sector expertise in retail, leisure and communities.
Majid Al Futtaim shares the government’s commitment to deliver the aims of Oman Vision 2040, and since 2001, it has been investing in shopping malls, leisure and entertainment experiences and retail destinations across the country.
Eng Saif al Hinai, Chairman of Al Mouj Muscat, commented: “The joint venture between the Omani government and Majid Al Futtaim has showcased the socio-economic impact that a successful Integrated Tourism Complex can have in Oman. We promised to deliver a mixed-use destination that will position Oman as the ideal place for Foreign Direct Investment and Tourism. Through commitment and good governance, we have brought to life its potential and its unmatched success is a blueprint for growth.”
Speaking at the event, Hawazen Esber, CEO of Communities at Majid Al Futtaim, commented: “We are fully supportive of the government’s plans to diversify the economy and through our partnership at Al Mouj Muscat, we have witnessed the incredible impact that a leading lifestyle destination can create for people and business.
By working together, we have created something unique, a community with a true sense of belonging and of purpose, and one that will benefit Muscat and Oman for generations to come.
“Al Mouj Muscat has set a significant precedence. It is a blueprint for how joint ventures can impact so positively on people, on Oman and across the region.”
Established in 2006, Al Mouj Muscat was tasked with establishing the nation’s first Integrated Tourism Complex (ITC), with the aim of contributing to growth in tourism, employment, development, opportunities for enterprise and economic diversification.
Today, 75 per cent of the project is complete and Al Mouj has exceeded expectations and delivered a remarkable impact for the Sultanate of Oman and its people, gains which it credits to the power of its unique partnership.
Al Mouj’s impact on tourism has been significant, with growth in tourism a key component of Oman Vision 2040. The lifestyle destination now attracts almost 4 million visitors per year. The Kempinski Muscat and Mysk Al Mouj by Shaza are two hotels currently operating with a total of 582 hotel rooms.
Upcoming projects in their opening phase, such as St Regis Resort Al Mouj Muscat and Al Mouj Rayhaan by Rotana, will bring the grand total of rooms to over 2,000 post completion.
The award-winning development is also now home to 8,000 residents from 85 countries. With world-class luxury amenities including a 400-berth marina, a world-renowned golf course, 85 retail outlets and a dedicated Community Hub, Masjid and nursery, residents enjoy an unrivalled lifestyle.
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