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UAE-based retail group Majid Al Futtaim (MAF) said it plans to invest US$467mn in building a shopping mall in the sultanate of Oman
According to Reuters, the project, known as the Mall of Oman in Muscat, will be spread over an area of 157,000 sq m and is expected to have 350 stores, including a Carrefour outlet and a cinema complex. MAF is the sole franchisee of the French supermarket brand in the region.
Work on the shopping and entertainment complex is expected to commence in 2014 and the project has been scheduled for completion in 2017.
MAF Properties chief executive officer, George Kotas, said, “Around 1,500 jobs will be created during construction of the mall and an additional 3,500 permanent jobs are expected to get generated once the shopping mall opens.”
Currently, MAF has 56 hypermarkets and 53 supermarkets in its Middle East and North Africa portfolio.
Earlier this year, the group had announced plans to invest US$1bn in the region each year until 2018 to double its business.