Majid Al Futtaim

Establishment and Expansion in Oman Founded in 1992 by Emirati businessman Majid Al Futtaim, the Majid Al Futtaim Group was established with the vision of providing high-quality retail and entertainment experiences that cater to the evolving needs of the region. Over the years, the group has grown into one of the leading real estate, retail, and entertainment companies in the Middle East and North Africa. From its early days, the company set its sights on expanding into key markets, with Oman being one of its first destinations. Majid Al Futtaim began investing in modern, fully integrated shopping centers, enhancing Oman’s growing retail sector with malls that rival top international destinations. Major Projects by Majid Al Futtaim in Oman Majid Al Futtaim has left a significant mark on Oman’s real estate and retail landscape, particularly in the shopping mall sector. Some of its most notable projects include: • City Centre Muscat A landmark shopping mall in the Omani capital, located near Muscat International Airport. It features a diverse range of international and local brands, along with entertainment facilities and restaurants, making it one of the top destinations for shopping and leisure. • City Centre Qurum Located in Qurum, one of Muscat’s most important areas, this mall offers a premium shopping experience with an extensive selection of stores, restaurants, and entertainment options for residents in Qurum and surrounding neighborhoods. • Mall of Oman One of the largest projects by Majid Al Futtaim in Oman, Mall of Oman delivers a comprehensive shopping and entertainment experience for families. It boasts a wide variety of retail stores, dining outlets, and exciting leisure facilities, setting a new standard for malls in the country. • Al Mouj Muscat A luxury waterfront development in partnership with the Omani government, this project features high-end residential units, including apartments and villas with direct views of the Gulf of Oman. One of the ongoing projects within Al Mouj Muscat is Golf Links, which is set to be completed by late 2027. This modern development will include vast green spaces, a golf course, and premium recreational facilities, making it one of Oman’s most prestigious residential communities. • Tilal Al Irfan This is Oman's largest integrated urban lifestyle destination, serving as a new hub for business, innovation, education, culture, and entertainment in Muscat. Spanning 5 million square meters, Tilal Al Irfan is strategically located on unique elevated terrain, offering breathtaking ocean views and scenic landscapes of Muscat’s mountainous surroundings. The development aims to redefine urban living in Oman, blending modern infrastructure with sustainable design. Market Value and Financial Performance As a privately held company, Majid Al Futtaim is not listed on stock markets, meaning no official market valuation is publicly available. However, the company’s financial reports demonstrate strong performance. In the first half of 2024, the group recorded net profits of AED 1.6 billion, with a 2% year-on-year asset growth. In 2023, the company’s profits surged to AED 2.76 billion, marking a 16% increase from AED 2.37 billion in 2022. This consistent financial growth underscores the company’s strong market position and robust investment strategy. Awards and Recognitions Majid Al Futtaim Group has received wide recognition for its contributions to infrastructure development and economic growth in Oman. In recognition of his efforts, His Majesty Sultan Qaboos bin Said awarded Majid Al Futtaim the Royal Commendation Medal (First Class) for his investment contributions in Oman. Additionally, in November 2024, the company received a "BBB" credit rating with a stable outlook from Fitch Ratings, highlighting its strong financial position and long-term stability. Since its inception, Majid Al Futtaim Group has left a lasting impact on Oman’s real estate, retail, and entertainment sectors. Through its high-quality projects and commitment to excellence, the company has played a key role in stimulating economic growth and enhancing the real estate sector in Oman. By consistently delivering innovative and world-class developments, Majid Al Futtaim Group has solidified its reputation as a trusted partner in Oman’s national development journey, securing its position as a market leader. Written by: Imtilak Global ©