Muscat: The foundation stone for development of Madinat al Irfan smart city was will be laid by Sayyid Khalid bin Hilal al Busaidy, Minister of the Diwan of Royal Court, on Wednesday.
Oman Tourism Development Company (Omran) and Majid al Futtaim has a strategic partnership to develop the western area of Madinat al Irfan. The joint venture will see the development of a vibrant mixed-use community that will serve as the new urban centre for Muscat.
With an investment value of around RO 5 billion over a period of 20 years and spread across five million sqm, the project will offer 11,000 housing units and 30,000 job opportunities.
Madinat al Irfan is the Sultanate’s largest urban development project and is set to contribute to Oman Vision 2040. The eastern area currently being developed by Omran sits alongside Wadi Park just minutes from the newly-opened Muscat International Airport. It is a multi-use district adjoining the Oman Convention and Exhibition Centre (OCEC), a world-class venue for international conferences, trade shows and concerts. The new mixed-use community is located at the western area of Madinat al Irfan and spans over 4.5 million sqm.
The joint venture project investment value is estimated at RO 5 billion over a period of 20 years and is anticipated to generate more than 30,000 direct and indirect jobs in the country.
Centrally located in Muscat’s urban corridor, the development will become the gateway to Oman — creating a modern downtown for residents, businesses and visitors. Madinat al Irfan is poised to be a catalyst for change in Oman, and once completed, will set new benchmarks in sustainability and urban design. Majid al Futtaim will be responsible for managing the development of all assets as part of the western area of Madinat al Irfan.
The first phase of the project, scheduled for completion by 2023, will see investment in land infrastructure.