Majid Al Futtaim invites proposal to finance US$ 700 mn Mall of Oman project

Posted on 4th November 2016

Dubai-based holding company Majid Al Futtaim has invited proposals from banks to finance construction of its $700m Mall of Oman project, bankers said on Thursday.

Pic courtesy: Times of Oman Pic courtesy: Times of Oman

Bankers have said that a mandate is expected to be awarded soon as the deadline for submission of proposals has already expired, according to a Reuters report.

No banks have been appointed to lead the financing as of yet and no further details have been shared, according to Constructionweekonline news report.

The request for proposals was sent to regional and Omani banks as funding is likely to include a component in Omani riyals, said bankers.

The Mall of Oman will be a 137,000sqm retail, leisure and entertainment destination set to open in 2020. The mall will include 350 outlets as well as a 292-room hotel.

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