Signing of Leasing Agreement between Al Meera & Al Muzn
Muscat – April 20, 2015
Within the leasing operations of Al Muzn Commercial Complex implemented by Majan Development Company SAOC and Muzn Oman Commercial Company, a leasing agreement with Al Meera Markets Company was signed on Monday, April 20, 2015 in Crown Plaza Hotel. The agreement allows Al Meera to offer its products and services through Al Muzn Commercial Complex, which will be opened in March 2016.
The agreement was signed by Mr. Mohammed bin Abdullah Al-Kindi on behalf of Muzn Oman Commercial Company and Mr. Mohammed Suleiman, Vice Chairman of Al Meera Markets Company.
Mr. Mohammed bin Abdullah Al Kindi, CEO of Majan Development Company SAOC, expressed his delight at signing this contract under which Al Meera Hypermarket became one of the main stores in Al Muzn Mall. He said that Al Muzn was an integrated commercial project with an investment of RO 20 millions. The Mall includes a shopping center in addition to a 3-star hotel in order to meet the growing demand for this category of hotels in the Sultanate, he added. The project takes a maximum advantage of the vital location near the new developed Muscat International Airport and a number of tourist, commercial and residential projects in the capital Muscat.
Al Kindi said that the subsequent phases of Al Muzn project would include developing additional space, such as retail markets and tourism and entertainment facilities; so that the developed projects would attract wider segments and meet the vital needs of the growing population in the area around the project site.
When Al Meera offers its services through Al Muzn Commercial Complex Project, this gives shoppers the opportunity to get the distinctive services and products of Al Meera Markets SAOC , which currently operates five markets in the Sultanate reflecting the spirit of the brand, “Al Meera”. Two of these markets are located in the capital Muscat while the other three markets are located in Wilayat Barka, Falaj Al Qabael and Wilayat Sohar. Al Meera considers its presence in Al Muzn Complex as an important step in its efforts to approach broad segments of consumers in order to achieve success for its plan to expand and spread in the promising Omani market.
It is worth mentioning that the project is being implemented in one of the most densely populated areas of the Sultanate, i.e., Al Seeb area in Muscat Governorate. The total construction area of the project is about 28,000 square meters, while the area allocated for rent is more than 11,000 square meters. The center provides more than 300 parking lots, which gives a sense of spaciousness while visiting the Complex.
Mr. Fahad bin Mohammed Al-Khalili, the executive partner in Amani Financial Consultancy Oman, said that Al Muzn project covered nearly 90% of the project’s capital, as it is a good investment and provides a steady return to shareholders. Al Khalili extended his congratulations to the founders of Muzn Oman Commercial Company for their rightly investment decision in Al Muzn project. He also extended thanks to the founders of Muzn Oman Commercial Company for their confidence in the project and those who supported it.
In the same context, Rashid Al Maslaty, CEO of National Mass Housing , said that the company has taken quick steps to be one of the main investors in Al Muzn project. Al Maslaty stressed that Al Muzn project would be an important addition to the local economy as it would provide hundreds of jobs for Omanis either directly or indirectly, and at the same time would achieve excellent returns to shareholders, as market indicators showed.
Mr. Hisham bin Najib Al-Zubaidi, Senior Manager of Commercial Affairs at Majan Development Company SAOC, said that the continued success of the idea of the multi-element and integrated Al Muzn project was crowned with the signing of the first lease contract at the commercial complex project after which the rental of the remaining spaces would follow as per the scheduled plan and targeted sectors. Work is being implemented at a satisfactory pace with regard to hotel services that will be provided in this phase of the project, he added, and we look forward to complete the project with its various integrated different elements to provide its services to the public next year.
Majan Development Company has appointed McArthur+Company as a consultant and executor of the leasing operations at Al Muzn Commercial Complex. The contracting process between Majan Development Company SAOC and Al Meera was implemented by McArthur Company.
McArthur+Company is a consulting firm specialized in planning and marketing of retail stores and shopping centers. The Dubai-based company prides itself of a talented team that includes more than 25 specialists in this sector with excellent expertise in the field of retail development in all parts of the world. McArthur+Company provided valuable advisory and strategic services as well as leasing , management services , development and marketing strategy for commercial complex projects in the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Iraq and the Sultanate of Oman as well as the United States and Canada.