Al Madina Real Estate has signed a Memorandum of Understanding (MoU) with the ICM Maltauro Group, an Italian conglomerate with interests in developing large commercial complexes, airports, railways, and roads, and F&M Ingegneria.
F&M Ingegneria is one of the leading Italian multidisciplinary companies providing design, engineering, and project management services in infrastructure, building, and environment projects over the last three-and-a-half decades, according to a press release.
The terms of the MoU outline the cooperation between the two companies in developing a multi-specialty hospital project in the Sultanate. As part of the MoU, opportunities are to be explored across Oman and a proposal will be submitted for the approval from the respective authorities in due course. Upon finalisation and with necessary approvals in place, the project is expected to be developed under a Public-Private Partnership (PPP) model.
“With ICM’s domain expertise in developing healthcare projects in Europe under a similar delivery model, we are confident in our ability to present a comprehensive proposal for the project in due course. The project is anticipated to provide a boost to the existing healthcare infrastructure of the Sultanate and serve the people of Oman with an excellent state-of-the-art facility,” said Abdul Rahman Awadh Barham, chief executive officer of Al Madina Real Estate.
“We at ICM, with our experience in developing similar projects in Italy, hope to add great value in the finalisation, as well as subsequent execution and operation of the project. We are also keen to have a long-term partnership with Al Madina in exploring other opportunities in Oman under the PPP model,” added Ezio Trentin, head of overseas business unit at ICM Maltauro.
“F&M has great working relationship with both Al Madina and ICM Maltauro and we are confident that through this cooperation we will be able to create landmark facilities in the healthcare segment in Oman,” noted Hazem Abdul Karrim, general manager of F&M Middle East.
Over time, both companies are expected to take up various initiatives required for the successful completion of the agreed milestones before embarking on its development. This is to be done after securing necessary approvals from the respective authorities.
Al Madina Real Estate has extensive experience in large-scale real estate and tourism projects. The company has developed a number of noticeable projects over recent years, including the Tilal complex, which includes the Muscat Grand Mall, Grand Millennium Hotel, comprising of a number of business and residential units and hotel apartments. Al Madina Real Estate is also developing the Salalah Grand Mall, among others.