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

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.


Libya’s NOC says production to rise as it seeks to revive oil industry

Updated 22 September 2020

Libya’s NOC says production to rise as it seeks to revive oil industry

  • Libya produced around 1.2 million bpd – over 1 percent of global production – before the blockade
  • Libya’s return to the oil market is sustainable

LONDON: Libya’s National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.
Oil prices fell around 5 percent on Monday, partly due to the potential return of Libyan barrels to a market that’s already grappling with the prospect of collapsing demand from rising coronavirus cases.
Libya produced around 1.2 million bpd — over 1 percent of global production — before the blockade, which slashed the OPEC member’s output to around 100,000 bpd.
NOC, in a statement late on Monday, said it is preparing to resume exports from “secure ports” with oil tankers expected to begin arriving from Wednesday to load crude in storage over the next 72 hours.
As an initial step, exports are set to resume from the Marsa El Hariga and Brega oil terminals, it said.
The Marlin Shikoku tanker is making its way to Hariga where it is expected to load a cargo for trader Unipec, according to shipping data and traders.
Eastern Libyan commander Khalifa Haftar said last week his forces would lift their eight-month blockade of oil exports.
NOC insists it will only resume oil operations at facilities devoid of military presence.
Nearly a decade after rebel fighters backed by NATO air strikes overthrew dictator Muammar Qaddafi, Libya remains in chaos, with no central government.
The unrest has battered its oil industry, slashing production capacity down from 1.6 million bpd.
Goldman Sachs said Libya’s return should not derail the oil market’s recovery, with an upside risk to production likely to be offset by higher compliance with production cuts from other OPEC members.
“We see both logistical and political risks to a fast and sustainable increase in production,” the bank said. It expects a 400,000 bpd increase in Libyan production by December.
The Organization of the Petroleum Exporting Countries and allies led by Russia, are closely watching the Libya situation, waiting to see if this time Libya’s return to the oil market is sustainable, sources told Reuters.