Majid Al Futtaim to invest $3.7bn in two Riyadh malls
Dubai developer to build Saudi Arabia’s largest mall and first City Centre
Majid Al Futtaim plans to invest $3.73 billion in the construction and development of two shopping malls in Saudi Arabia’s capital, Riyadh.
The Dubai-based retail giant said that one of the projects would be the Mall of Saudi, set to cover 300,000sqm, making it the largest mall in the kingdom. It will include shops, restaurants, entertainment areas, offices, hotels and residential units. The project will also house Saudi Arabia’s first indoor ski slope.
In terms of total land area, the Mall of Saudi will cover more than 866,000sqm. Work on the project is expected to start in mid-2017, with phase one expected to be completed by 2022, the developer said.
The first phase will include the mall, ski slope, one hotel and serviced apartment building, as well as the general infrastructure, Majid Al Futtaim said. Future phases will include the development of residential, office, medical and hotel spaces.
Majid Al Futtaim’s second planned retail project is the City Centre Ishbiliyah in east Riyadh. This will be the first City Centre project in Saudi Arabia and will cover more than 100,000sqm of gross leasable area, with 250 stores and a 9,000sqm Carrefour hypermarket.
“Our new mall developments in Riyadh [will] deliver more than 10,000 direct and indirect jobs to the capital,” said Alain Bejjani, chief executive officer at Majid Al Futtaim – Holding.
“Bringing to life such iconic destinations requires a significant amount of collaboration between the public and private sectors. We are privileged to witness the authorities welcoming our projects and investments by ensuring the highest levels of support and collaboration.”
The two new developments will bring the total number of Majid Al Futtaim owned and operated malls to more than 20 across the MENA region.
