It has been said by the bankers that Majid Al Futtaim has invited proposals from banks to finance construction of the Mall of Oman. This project is estimated to cost about $700 million.
Banks are yet to be appointed to lead the financing but however, a mandate is expected to be awarded soon. This is because the deadline for submission of proposals has already expired.
On Thursday, a spokesman from Majid Al Futtaim said by far, he has no details to share with the media.
Bankers also said that the request for proposals was sent to regional and Omani banks. This is due to the fact that the funding might include a component in Omani riyals.
In a statement given by Majid Al Futtaim, the Mall of Oman is expected to be completed and opened by 2020. The mall is expected to have a 137,000 square meters of retail space, 350 outlets as well as a 292 hotel rooms. It will also center on entertainment and leisure.
Majid Al Futtaim said in May that it plans to invest about $1.3 billion to facilitate progress in Oman.
According to a company presentation Majid Al Futtaim is rated BBB by both Standard & Poor’s and Fitch. Also by the end of the first half of 2016, their total asset is about $14.3 billion.