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Oman's Al Madina Real Estate signs MoU with Italian firms for hospital project
10 May 2017
Al Madina Real Estate SAOC, a subsidiary of Al Madina Investment Co. SAOG, has signed a Memorandum of Understanding (MoU) with Italy-based ICM Maltauro Group and F&M Ingegneria to develop a multi-specialty hospital project in Oman, according to a press statement.
The proposed project would be developed under a public-private partnership model after opportunity is identified and approval secured from the government, the company said in a statement on Tuesday.
ICM Maltauro Group is a developer of large commercial complexes, airports, railways, and roads while F&M Ingegneria provides design, engineering, and project management services in infrastructure, building, and environment areas.
In February, Oman Daily Observer reported that the company is developing the Salalah Grand Mall in joint venture with Oman’s Ministry of Defence Pension Fund.
Al Madina Real Estate’s flagship retail project is the Tilal complex, which includes Muscat Grand Mall, and the 4-star Millennium Executive Apartments and the 5-star Grand Millennium Hotel.
The company is also developing the Shaden Al Hail mixed-use real estate project in Muscat Governorate.
In a May 2016 statement to Muscat Securities Market, parent company Al Madina Investment Co. SAOG, which holds a 20.86 per cent stake in Al Madina Real Estate, said that phase four of the mixed use project would include the biggest private hospital in the Oman with 225 beds.
F&M Ingegneria is the architecture, structural and MEP final design, project management consultant for the hospital project, according to the firm’s website.
© Zawya Projects News 2017