Al Mouj Muscat delivers substantial economic benefits for Oman

Al Mouj Muscat has delivered on its promise to contribute towards economic prosperity in the Sultanate of Oman and the unique partnership of Majid Al Futtaim, Omran and Tanmia has created a destination where investment and growth is driving diverse and lasting value for the country.

Since 2006 when it was established as the country’s first Integrated Tourism Complex (ITC), Al Mouj Muscat has achieved outstanding asset growth of 777 per cent. Its total investment currently stands at $3.5 billion, and the thriving community is actively contributing towards the aims of Oman Vision 2040. As a joint venture, the impressive partnership behind Al Mouj Muscat has ensured that growth across retail, real estate and leisure aligns with Oman’s long-term strategic vision.

Alongside exceptional year-on-year growth, Al Mouj has secured $884 million in foreign direct investment (FDI) and has contributed RO 11 million in tax revenues. It has also committed RO 4.34 million in corporate social responsibility expenditure, helping to boost local skills and employment prospects across multiple sectors including tourism, retail and construction.

In 2020 alone, Al Mouj Muscat achieved RO 76 million pre-tax profitability and contributed RO 46 million to the Sultanate’s GDP. Commenting on these figures Al Mouj Muscat’s Chief Financial Officer (CFO) Ahmed al Massan said: “We have achieved exceptional growth through a strategy that has yielded consistent and positive returns, and we have attracted significant foreign direct investment from around the globe.

“Oman is an investor-friendly country, and our focus remains on ensuring that Al Mouj Muscat is a superb location for investment, generating both growth and opportunities for people and enterprise.” Nasser al Sheibani, CEO of Al Mouj Muscat, adds: “The facts and figures included in the Impact Al Mouj campaign demonstrate the success of our partnership model, and the extent of the value creation achieved to date. We will continue to promote the growth of retail, real estate and infrastructure sectors through the sale of residences, our construction activities, and across hospitality, leisure, entertainment and retail assets. Plus, we continue to innovate across products and services, all of which will add to the significant impact we deliver for people, for our community and for Oman.”