An artist's impression of the Mall of Saudi
Majid Al Futtaim to open two malls in Riyadh
RIYADH, February 8, 2016
Majid Al Futtaim, a leading shopping mall, retail and leisure facilities operator, has announced plans to develop two new landmark shopping malls in Riyadh, Saudi Arabia.
The Dubai-based firm will invest SR14 billion ($3.73 billion) on the projects, the company said in a statement.
A range of luxury international fashion brands, as well as unique entertainment and leisure experiences will come to the kingdom for the first time at Mall of Saudi and City Centre Ishbiliyah, it added.
The two new developments will bring the total number of Majid Al Futtaim owned and operated malls to more than 20 across the Middle East and North Africa (Mena) region.
Mall of Saudi, the kingdom's largest and first fully integrated lifestyle destination with a total land area of over 866,000 sq m in north Riyadh, will include one of the world's largest indoor snow parks. The development plan also includes 300,000 sq m of shops, restaurants and entertainment areas, prime residential units, offices and showroom space, luxury hotels, serviced apartment buildings and other public amenities.
The first phase of Mall of Saudi will see the opening of the mall, ski slope, one hotel and serviced apartment building as well as other general infrastructures. Future phases will include the development of the residential, office, medical centre and hotel plots. Work is set to commence by mid-2017 and be completed by 2022.
Majid Al Futtaim will launch Saudi Arabia's first City Centre mall in Ishbiliyah, east Riyadh. It will cover more than 100,000 sq m of gross leasable area and will feature 250 stores, a 9,000-sq-m Carrefour hypermarket, a food court and an entertainment complex inclusive of Magic Planet.
Alain Bejjani, chief executive officer, Majid Al Futtaim Holding, said: "Today is a significant milestone for Majid Al Futtaim, and one that we have been eagerly awaiting. For over two decades, we have been shaping the retail landscape in the region and beyond by introducing its first integrated retail, leisure and entertainment experience, driven by the vision of our founder to create great moments for everyone, every day.
"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 waterpark 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."
Majid Al Futtaim has had a significant presence in Saudi Arabia for more than 11 years through Carrefour, operating 12 hypermarkets and four supermarkets with more than 2,500 employees. The company also operates Enova in Saudi Arabia, a facility management company, through a joint venture operation with Veolia and owns a fashion retail business representing international brands such as Jane Norman, Juicy Couture and Peacocks. - TradeArabia News Service