Construction Omani development secures $160m loan for expansion By Saleh Al-Shaibany June 11, 2025, 3:04 PM Alamy via Reuters The $3.5 billion development Al Mouj Muscat will grow significantly after securing $160 million for new units, marina facilities and retail spaces Omani waterfront development Part-owned by Dubai entity Part of Oman tourism push Al Mouj Muscat, an Omani waterfront community development part owned by the government and Dubai’s Majid Al Futtaim, has finalised a $160 million loan to fund its expansion plans. “The loan will finance our expansion plans to expand our properties to 10,000 units and enlarge our marina and shopping complex,” Saleh Al Siyabi, Al Mouj Muscat’s Vice President of Sales, told AGBI. Dubai’s Majid Al Futtaim holds a 50 percent stake in Al Mouj Muscat, a $3.5 billion development in central Muscat, which contains 6,000 property units, seven hotels, a golf course, a 400 hundred berth marina and a shopping complex. State-owned tourism operator Omran owns 40 percent of Al Mouj Muscat and Tanmia holds the rest. Majid Al Futtaim is owned by one the Gulf’s most prominent family businesses and it was announced this week it was put under the control of a special judicial committee established by the Dubai government at the request of the company’s 10 heirs, in a bid to restructure the governance of the company three years after the death of its patriarch. Majid Al Futtaim owns and operates shopping malls and other retail and hospitality businesses across the Middle East and North Africa. Last year total revenue fell 2 percent to AED33.9 billion ($9.2 billion) and profit dropped 6 percent to AED2.5 billion. Oman awards $600m contracts for tourism projects Second resort city planned for Salalah in Oman New $350m city planned in southern Oman to attract tourists Established in 2006, Al Mouj Muscat was Oman’s first Integrated Tourism Complex (ITC). Since then, the Gulf state has built four more ITC projects, including Seefah property development in the outskirts of Muscat and Hawana Resort in the southern city of Muscat. The sultanate is currently mobilising more urban plans that could cost more than $15 billion, starting with Sultan Haitham City, work on which is in full swing on the outskirts of the capital, Muscat. European tourists helped the Oman hotel industry reach a record number of stays year on year in April, thanks to an aggressive marketing campaign. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
