Mubasher: Majid Al Futtaim (MAF) on Monday announced plans to increase investments in the Sultanate of Oman by OMR 515 million by 2020.

The UAE’s leading shopping mall, retail and leisure pioneer said its investment strategy invovles Mall of Oman (estimated OMR 275 million), City Centre Sohar (estimated OMR 45 million), My City Centre Sur (estimated OMR 15 million), and additional investments from its retail, leisure and entertainment businesses including Magic Planet, Carrefour and VOX Cinemas (estimated OMR 180 million).

The company’s investments are expected to create more than 42,000 direct and indirect jobs in the Sultanate in the next five years, MAF said in a statement.

“When it opens in 2020, Mall of Oman will be the largest integrated retail, leisure and entertainment destination in the Sultanate,” the statement revealed, adding that the mega mall will feature 350 outlets in a retail space of 137,000 square metres (sqm).

Set to open in 2017, My City Centre Sur will be MAF’s first community mall in Oman.

On the other hand, City Centre Sohar, which is scheduled to open in 2018, will be the largest shopping and lifestyle destination in its governorate, MAF revealed, noting that the mall will be home to 100 new retail outlets across 40,000 sqm.

“We have always been pioneering in the Omani market. We are proud to renew our commitment to be the leading GCC investor in the Sultanate through our OMR 705 million investments, which include the development of Mall of Oman, City Centre Sohar, and My City Centre Sur, as well as additional investments from our retail, leisure and entertainment businesses,” said Alain Bejjani, MAF Holding CEO.