Dubai-based holding company Majid Al Futtaim has invited proposals from banks to finance construction of its $700m Mall of Oman project, bankers said on Thursday.

Bankers have said that a mandate is expected to be awarded soon as the deadline for submission of proposals has already expired, according to a Reuters report.

No banks have been appointed to lead the financing as of yet and no further details have been shared.

The request for proposals was sent to regional and Omani banks as funding is likely to include a component in Omani riyals, said bankers.

The Mall of Oman will be a 137,000sqm retail, leisure and entertainment destination set to open in 2020. The mall will include 350 outlets as well as a 292-room hotel.