Dentons to advise on the largest urban development in Oman
Dentons has advised Oman Tourism Development Company (Omran) on a partnership with the UAE developer, Majid Al Futtaim (MAF), relating to the largest flagship urban mixed-use development project in the Sultanate.
The signing ceremony was held at the Oman Convention & Exhibition Centre (OCEC) with ministers, government officials, and senior officials of both organisations in attendance.
The $13bn development will be located in the western area of Madinat Al Irfan, near the new Muscat International Airport, and will span over 4.5 million sqm with 11,000 residential units and 800,000sqm of retail and office space. The project is due for completion in 2025.
Dentons negotiated the joint venture agreement with MAF and the service agreement for delivering the first phase of the project.
Dentons’ managing partner and head of corporate and real estate in Muscat, Nick Simpson, said: “We are delighted to have assisted Omran on not only the largest proposed development in Oman, but one of the biggest real estate deals likely to take place in the Middle East in 2018. The development will have a significant and positive impact on Omani employment, the local construction industry, foreign direct investment and the tourism sector.”