The 'Opportunity Omagh' scheme - which includes a hotel, retail space, a road link, offices, plus health and leisure facilities - is set to create up to 1,000 construction jobs over a period of three years.
An additional 1,000 permanent positions will be available in a range of sectors and services when the Derry Road development reaches completion.
GML Estates, a Guernsey-based developer who initiated the Outlet Centre in Banbridge, owned by businessman John Farmer, are behind the scheme.
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Omagh District Council chairman Declan McAleer said: "This is a key linkage route within Omagh to open up Omagh, not only for this investment but for many other structural investments in the town.
"Right beside the proposed Opportunity Omagh development, we also have the education campus development, so those two projects will be right beside each other."
However Glyn Roberts, Northern Ireland Independent Retail Trade Association Chief Executive has raised concerns over the impact the development will have on the town centre.
He said: "While we welcome many aspects of this application and the investment it will bring, we have serious reservations about the impact the proposed 60,000 sq ft out-of-town hypermarket will have on Omagh town centre.
"I cannot understand why the Planning Service rejected similar out of town applications in Banbridge, Larne and Ballyclare - but not Omagh?
"Opportunity Omagh needs to explain to local traders how this development will bring more people into Omagh town centre and also needs to reveal the identity of the multiple retailer."
Construction firms will be invited to tender for the project later this year.
(GK)
