Al Akaria Saudi Real Estate Company, one of the largest publicly listed real estate developers on the Saudi stock exchange (Tadawul), has announced its initial collaboration with Arabian Dreams KSA, which is principally owned by Triple Five Worldwide, the owner and developer of the three biggest retail and entertainment centres in North America, to develop the world’s largest mixed-use entertainment and shopping centre development of its kind at Akaria’s Al Widyan site in Riyadh.
Estimated to cost $5 billion to develop, this new destination will comprise of theme parks, water parks, recreational and sports facilities, retail dining, shopping centres and hospitality components, coupled with the latest artificial intelligence technology to create a different visiting experience for visitors when completed.
This is in line with Saudi Arabia’s Vision 2030, which aims to create partnerships between local and international players to bring best-in-class partners in the world to the Kingdom, a statement from Al Akaria said. Triple Five Worldwide has been behind the Mall of America, American Dream and West Edmonton Mall.
“We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at our Al Widyan project site. With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia. Through this project, we are also proud to play an active role in contributing towards Saudi Arabia’s Vision 2030”, said Aiman Mudaifer, Chairman of Saudi Real Estate Company.
The development is located within the Al Widyan masterplan, which is 100% owned and developed by Al Akaria. Covering an area of seven million square metres, the masterplan is being designed and developed as a fully integrated mixed-use development and leisure destination based on the principles of wellness and quality of life, as well as incorporating lifestyle, commercial and entertainment districts and clusters.
The first phase launch of the Al Widyan project is targeted to take place in the first half of 2020.
“Al Widyan is the largest project in our portfolio. This collaboration with Arabian Dream aims to bring a unique leisure and entertainment experience to its residents, visitors and tourists. This project is a testament of Al Akaria’s ambition to deliver world class developments,” added Kelvin Kwok, CEO of Saudi Real Estate Company.
“Arabian Dream will have components of their other successful tourist destinations, but in this global destination, guests will experience them all in a safe indoor environment all combined in one place under one roof,” Jason Lucas, vice president of Triple Five and Chief Executive Officer of Arabian Dream concluded.