Tilal to Expand Muscat Grand Mall in Oman for $130M
- Jul 19, 2013
Tilal Development Co., the Sultanate’s leading real estate company, recently announced plans for a massive expansion of Muscat Grand Mall. The expansion of the country’s most recently built mall, which has become Muscat’s most popular retail destination, will be financed entirely through an investment of more than OMR 50 million ($130 million).
Just a year from its completion, Muscat Grand Mall is set for an expansion that will see the mall house 100 new retail outlets in 322,917 square feet of additional retail space, taking the total number of stores to 250. The new growth plans also include doubling the parking space area and expanding the entertainment options in order to create a world-class shopping and entertainment destination in the Sultanate.
The expansion plans were unveiled at a press conference led by Engineer Abdul Rahman Barham, board member of the Tilal Development Co., Harith Al-Brashdi, chief operating officer, Al Madina Real Estate Company and Hassan Jaboub, general manager of Muscat Grand Mall.
“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,” said Hassan Jaboub, general manager of Muscat Grand Mall. “We are working on the foundations of this success and applying our knowledge in the second development, which focuses on customer experience.”
Muscat Grand Mall is part of the Tilal Complex, the first mixed-use development in the Sultanate of Oman and features more than 125 retail outlets, 322,917 square feet of commercial offices and a residential complex comprised of 250 freehold apartments and 115 four star hotel apartments. The number of tourists is expected to increase significantly once the new Muscat International Airport terminal is completed and projects such as the five-star hotel Shaza Hotel Muscat and the residential complex by the Tilal Development Co. will be ready to offer a premier lifestyle destination for tourists and residents.
“As part of the Tilal Complex, the Muscat Grand Mall – the first phase of the project has been successfully completed with over 90 percent of the retail and residential spaces already sold,” said engineer Abdul Rahman Barham, board member of Tilal Development Co. “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 percent occupancy from SMEs and it is our endeavor to take this initiative further. We recognize that such developments also support the city’s growth outlook and further reinforce its core economic sectors, including retail, tourism and hospitality.”