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English news

08-Feb-2016

Madinat Al Irfan project to contribute USD1.5 bn to GDP

The Madinat Al Irfan Urban Development Project, which will create a new downtown area for the capital governorate of Oman, is expected to contribute an estimated USD1.4 billion to USD1.6 billion to the Gross Domestic Product (GDP) annually, according to a top official overseeing the implementation of this mega-scheme. Saif al Hinai, Executive Director, said the project will also generate an estimated 80,000-90,000 new jobs when it is fully established over the next several decades.   We expect the city to be built in five to six phases over a roughly 30-year timeframe, said Al Hinai, adding that residential components will account for 49% of the mixed use development, commercial spaces 27%, retail 4%, and hospitality 3%, with government buildings and civic facilities included in the remaining 17%. A master plan prepared by Omran of the ambitious scheme envisages an array of key districts that include the centrepiece Oman Convention & Exhibition Centre (OCEC), elements of which are already under construction, Al Irfan Central, Al Irfan West, and the government district to the west. A ridge on the southern flank of the city will accommodate a number of residential neighbourhoods. (Oman observer)

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