Majid Al Futtaim announces $116.8 million City Centre Sohar in Oman

City Center Sohar, which will have 130 stores, a Carrefour Hypermarket and a nine-screen VOX Cinemas, is due to open in late 2018. (Courtesy Majid Al Futtaim)
Updated 06 August 2017
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Majid Al Futtaim announces $116.8 million City Centre Sohar in Oman

DUBAI: Shopping mall operator and retail firm Majid Al Futtaim has announced plans for a $116.8 million (SR438 million) shopping center in the Omani city of Sohar.
City Centre Sohar, which will have 130 stores, a Carrefour Hypermarket and a nine-screen VOX Cinemas, is due to open in late 2018.
Sohar is a key driver of Oman’s diversification strategy and is home to a major port and free zone.
“As part of Majid Al Futtaim’s growth strategy, we aim to be at the forefront of Oman’s rapid development in the retail industry and bring the best shopping, food & beverage and entertainment experiences to Sohar with this contemporary urban project,” Ghaith Shocair, the chief executive for shopping malls at Majid Al Futtaim Properties, said in a statement.
“Majid Al Futtaim’s investment in the city of Sohar underscores our commitment to creating great moments for everyone, everyday.”
In addition to City Centre Sohar, Majid Al Futtaim Properties owns and operates the newly upgraded City Centre Qurum, as well as City Centre Muscat, which recently underwent a $70 million upgrade.
On the pipeline are the community-centered mall My City Centre Sur and the landmark $714 million Mall of Oman, set to be the Sultanate’s biggest shopping center.
City Centre Sohar aims to achieve LEED Gold status – the coveted energy-efficient design certification – within three months of opening, the company said.
Majid Al Futtaim earlier this month announced the new Dh1.4 billion City Centre Al Jazira mall in Abu Dhabi, located between Airport Road and Muroor Road, with construction set to begin in October. The mall is scheduled for completion in early 2021.
The project is a joint venture between the retail giant and Al Jazira Sports and Cultural Club, and will be anchored with a Carrefour Hypermarket plus 153 retail stores, a 15-screen VOX Cinema and a Magic Planet entertainment center.


China sorghum imports jump after Beijing dropped probe into US shipments: Customs

Updated 46 min 23 sec ago
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China sorghum imports jump after Beijing dropped probe into US shipments: Customs

  • China brought in 450,000 tons of sorghum in June, up from last year’s 324,301 tons
  • Corn buyers, meanwhile, scooped up cargoes on worries over the return of US-China trade policy tit-for-tat amid high domestic prices

BEIJING: China’s sorghum imports in June surged 38.1 percent on year, boosted by a temporary easing of Sino-US trade tensions, while corn imports for the month rose to one of highest levels in the past decade, customs data showed on Monday.
China brought in 450,000 tons of sorghum in June, up from last year’s 324,301 tons. Volumes were still down slightly from 470,000 tons in May, data from the General Administration of Customs showed.
Beijing announced in mid-April that importers of sorghum from the United States would have to put up a 178.6 percent deposit on the value of shipments. Several cargoes already on the way changed course and were diverted to other markets.
A month later in a goodwill measure, however, China dropped the deposit and an anti-dumping probe into US sorghum imports as the two sides appeared to be reaching consensus on resolving trade issues.
“Some cargoes were already on the way to China when Beijing dropped the deposit. Then they cleared customs in weeks after. That should have pushed up the June volumes,” said Cherry Zhang, an analyst with Shanghai JC Intelligent Co. Ltd, before the data release.
Corn buyers, meanwhile, scooped up cargoes on worries over the return of US-China trade policy tit-for-tat amid high domestic prices.
Corn imports in June hit 520,000 tons, up 34.6 percent from a year ago and the second highest since July last year. The figures were down from 760,000 tons in May, the data showed.
The corn imports in the first six months tripled to 2.21 million tons, already close to China’s total 2017 purchase of 2.82 million tons of the grain, according to the data.
“There were margins importing corn as domestic corn prices were relatively high. And buyers were buying more corn in recent couple of months to prepare for the Sino-US trade tension in advance,” said Meng Jinhui, an analyst with Shengda Futures.
UScorn and sorghum shipments to China should drop significantly in July and August, analysts and traders said, as Beijing imposed a 25 percent tariff on US grains on July 6.
China buys almost all its sorghum imports from the United States.
In the first half of this year, China has brought in 3.25 million tons of sorghum, up 8.7 percent from the same period of 2017, the data showed.
China also brought in 590,000 tons of barley in June, down 5.6 percent from a year ago. Barley imports for the first half of the year were at 4.4 million tons, down 2.7 percent.
Wheat imports were at 310,000 tons in June, down 33.6 percent from a year ago. Wheat imports for the first half were at 1.95 million tons, down 26.4 percent, the data showed.
China bought 280,000 tons of sugar and 98,566 tons of pork in June. In the first half of the year, China’s sugar imports were at 1.38 million tons, and shipments of pork were at 647,985 tons, both down from last year’s levels.