Majid Al Futtaim to invest $3.7bn to develop two malls in Riyadh

WCN Editorial Team 9 Feb 2016 MIDDLE EAST BUILDINGS

Majid Al Futtaim has unveiled plans to invest SAR14bn ($3.7bn) to develop two malls in Riyadh, Saudi Arabia.

The investment will be used to build the 866,000 sq m Mall of Saudi in north Riyadh, which will be home to one of the world's largest indoor snow parks.

The development will also include 300,000 sq m of shops, restaurants and entertainment areas, prime residential units, offices and show rooms space, luxury hotels, serviced apartment buildings and other public amenities.

The first phase of the project will involve the development of the mall, ski slope, one hotel and serviced apartment building and other general infrastructures. Other phases of the project will include the development of the residential, office, medical centre and hotel plots.

The first phase of the project is expected to start in mid-2017 and will be completed by 2022.

The investment will also be used to build City Centre Ishbiliyah in east Riyadh, which will be Saudi Arabia's first City Centre mall.

The venue will cover more than 100,000 sq m of gross leasable area, comprising 250 stores, a 9,000 sq m Carrefour hypermarket, a food court and an entertainment complex inclusive of Magic Planet.

Majid Al Futtaim - Holding CEO Alain Bejjani said: "Our spirit of innovation has seen us make it snow in the desert for the first time with Ski Dubai, introduce the region's first indoor and outdoor water park in Bahrain, and bring countless world-renowned international brands to the Middle East and beyond.

"We look forward to delivering similar life-changing experiences for residents and guests of Saudi Arabia through our new mall developments in Riyadh, which will also deliver more than 10,000 direct and indirect jobs to the capital."

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