Pact signed to develop commercial building in Madinat Al Irfan
The Oman Tourism Development Company (Omran Group) and Alizz Islamic Bank signed a memorandum of understanding to establish a strategic financial partnership related to the innovative development works of Commercial Building No. (1) in the Business Park in Madinat Al Irfan (East).
During the signing ceremony, the focus was on the common goals of this strategic partnership, and an introduction to the components of the business park, which was designed in accordance with the principles of sustainability, and green buildings that the Omran Group places as a top priority.
It also reviews the supporting infrastructure and incentives that attract investors to develop the business park amid a smart and exemplary business environment according to the general plan of the Madinat Al Irfan project.
The ceremony witnessed a detailed presentation that addressed the vision of the Madinat Al Irfan Business Park, and the ambitious plans that will contribute to making it a leading destination for innovation, opportunities, and growth in Muscat, in addition to focusing on the potential it has thanks to the infrastructure and integrated facilities it contains.
The ceremony included an introductory tour using augmented reality technology, and the opportunity for attendees to tour Commercial Building No. (1) to witness the developments in work in the building and its engineering and technical advantages, as this project is expected to be completed by 2025.
It will include the headquarters of the Omran Group, as well as many other leading entities.
Dr Hashil bin Obaid al Mahrouqi, CEO of Omran Group, said that cooperation with Alizz Islamic Bank is an important step to achieve the group’s vision of establishing vibrant and sustainable communities, in line with the Sultanate of Oman’s efforts to promote social, economic and environmental prosperity.
The group has a proven track record of pioneering tourism projects and assets. It works to stimulate investment by building strategic partnerships with investors, to contribute to creating sustainable social and economic benefits.
Al Mahrouqi said to Oman News Agency (ONA) that the Omran Group will invest about RO 30 million to implement innovative development works for Commercial Building No. (1) and the infrastructure of the business park in Madinat Al Irfan.
For his part, Ali bin Saif al Mani, CEO of Alizz Islamic Bank, stressed that the partnership with Omran Group comes within the framework of the bank’s efforts to support national projects, as it supports the firm commitment to supporting innovation and sustainability in order to build a promising future.
It is hoped that this strategic partnership will contribute to attracting more investments to develop additional buildings according to the general plan of the business park. To consolidate its position as a major business destination in Madinat Al Irfan.
This partnership is in line with the vision of both sides, which aims to support efforts aimed at enhancing the position of the Sultanate of Oman as an ideal destination for opportunities and innovation.
Madinat Al Irfan (East), whose first phase was completed in 2023 with the opening of JW Marriott Muscat, includes the Oman Convention and Exhibition Centre, a four-star Crowne Plaza Hotel, and a business complex to serve as the main headquarters for the offices of leading companies such as the headquarters of the Oman Telecommunications Company (Omantel).