MUSCAT, Oman, July 17, 2013 /PRNewswire/ --
- New project to elevate Muscat Grand Mall as largest retail destination in the Sultanate
- Second phase to be financed fully by an investment of over OMR 50 Million
- Expansion to double retail outlet capacity, parking space and entertainment options
- Phase two of Tilal Complex to be completed before the last quarter of 2015
Marking a milestone achievement in the retail sector in Oman, Muscat Grand Mall - the country's youngest mall, announced plans for expansion of Muscat's most popular retail destination, just a year from its inception. This expansion will be financed completely through an investment of over OMR 50 Million (US$ 130 Million).
Tilal Development Company is the Sultanate's leading real estate company and has been credited with the completion of the ground breaking Muscat Grand Mall project, which has proved successful in redefining Muscat's retail space.
A press conference conducted to announce the expansion at Muscat Grand Mall was presided by Engineer Abdul Rahman Barham, Board Member of Tilal Development Company, Mr. Harith Al-Brashdi, Chief Operating Officer, Al Madina Real Estate Company and Hassan Jaboub - General Manager of Muscat Grand Mall.
The new development will house 100 new retail outlets in 30,000 sq metres of additional mall space, bringing new global brands to Oman for the first time and taking the total number of stores to 250. In addition, the growth plans include doubling the area of parking space, expanding the entertainment options and creating a compelling new retail and lifestyle destination in the Sultanate.
Commenting on this ground breaking expansion plan, Engineer Abdul Rahman Barham, Board Member of Tilal Development Company said, "It gives us great pride to announce the second phase of Muscat Grand Mall, which will give customers in Oman the opportunity to experience a retail destination of international standards. Using funding of OMR 50 Million, major investments will be made towards raising the profile of the mall as well as creating a world class shopping and entertainment destination for the people of Oman."
He also added, "As part of the Tilal Complex, the Muscat Grand Mall - the first phase of the project has been successfully completed with over 90% of the retail and residential spaces already sold. In addition, the expansion will create increased employment opportunities for Omanis and will also be a mechanism through which we can support small and medium enterprises. At present, the retail outlets boast 25% occupancy from SMEs and it is our endeavour to take this initiative further. We recognise that such developments also support the city's growth outlook and further reinforce its core economic sectors, including retail, tourism and hospitality."
The Tilal Complex is the first mixed-use development in the Sultanate of Oman. Muscat Grand Mall is currently home to over 125 retail outlets, 30,000sq metres of commercial offices where the Nawras headquarters are located, a residential complex of 250 freehold apartments and 115 four star hotel apartments and a rooftop garden.
With the new Muscat International Airport terminal under construction and numbers of tourists projected to increase exponentially into the Sultanate, projects such as the five-star hotel 'Shaza Hotel Muscat' and the residential complex by the Tilal Development Company will be on track to provide a premier lifestyle destination for both tourists and residents.
Home to an array of international brands that have secured their first presence in Oman, the largest food court, a three screen cinema and more than 125 stores currently, it is no surprise that Muscat Grand Mall has become the lifestyle centre for residents in the Sultanate. With the expansion due to be completed in two years, customers of Muscat Grand Mall can be prepared to be overwhelmed with the total of 250 retail and F&B outlets at their favourite shopping and entertainment destination in Oman.
Hassan Jaboub - General Manager of Muscat Grand Mall said, "Within less than a year of the start of operations at MGM, we are proud to announce a significant growth in the business. Being the first lifestyle destination of its kind in Oman, we are delighted to report that the number of daily visitors averages between 17-20,000 and growing. We are working on the foundations of this success and applying our knowledge in the second development which focuses on customer experience."
He also commented, "With the first phase secure, we are looking towards strengthening the fashion portfolio of the mall enhancing Muscat's retail offerings. With the added retail space, MGM will draw new and internationally prominent flagship stores of the world's most renowned brands, expanding the choices for our customers."
Given the added space, average expected footfalls of over 30,000 daily and the premium location that will come with the expanded project, Muscat Grand Mall will ensure that international brands which stringent specifications with regard to franchises, have the perfect setting to enter Oman.
Muscat Grand Mall is Oman's newest shopping destination. It is the fastest growing lifestyle hub in the Sultanate offering choice and convenience for shoppers and residents, as part of a combined leisure experience. A part of the Tilal Complex, Muscat Grand Mall now boasts more than 125 stores, a three-screen cinema, high-end residences and office space. In addition to hosting the largest food court in Oman, it is also home to leading global brands such as Carrefour, Happy Land, City Cinema, Sharaf DG, Garage, Aeropostale, R&B, HomesRUs, PAUL and Chili's among others.
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SOURCE Tilal Development Company