DUBAI: Shopping mall operator and retail firm Majid Al Futtaim has announced plans for a $116.8 million (SR438 million) shopping center in the Omani city of Sohar.
City Centre Sohar, which will have 130 stores, a Carrefour Hypermarket and a nine-screen VOX Cinemas, is due to open in late 2018.
Sohar is a key driver of Oman’s diversification strategy and is home to a major port and free zone.
“As part of Majid Al Futtaim’s growth strategy, we aim to be at the forefront of Oman’s rapid development in the retail industry and bring the best shopping, food & beverage and entertainment experiences to Sohar with this contemporary urban project,” Ghaith Shocair, the chief executive for shopping malls at Majid Al Futtaim Properties, said in a statement.
“Majid Al Futtaim’s investment in the city of Sohar underscores our commitment to creating great moments for everyone, everyday.”
In addition to City Centre Sohar, Majid Al Futtaim Properties owns and operates the newly upgraded City Centre Qurum, as well as City Centre Muscat, which recently underwent a $70 million upgrade.
On the pipeline are the community-centered mall My City Centre Sur and the landmark $714 million Mall of Oman, set to be the Sultanate’s biggest shopping center.
City Centre Sohar aims to achieve LEED Gold status – the coveted energy-efficient design certification – within three months of opening, the company said.
Majid Al Futtaim earlier this month announced the new Dh1.4 billion City Centre Al Jazira mall in Abu Dhabi, located between Airport Road and Muroor Road, with construction set to begin in October. The mall is scheduled for completion in early 2021.
The project is a joint venture between the retail giant and Al Jazira Sports and Cultural Club, and will be anchored with a Carrefour Hypermarket plus 153 retail stores, a 15-screen VOX Cinema and a Magic Planet entertainment center.
Majid Al Futtaim announces $116.8 million City Centre Sohar in Oman
Majid Al Futtaim announces $116.8 million City Centre Sohar in Oman
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
