Tuesday 9 August 2022

Salini Impregilo wins $293m Saudi retail project contract

RIYADH, May 8, 2017

Salini Impregilo, an Italian specialist in the construction and civil engineering business, has won a  SR1.1-billion ($293 million) contract from Saudi-based Al Khozama Management Company for the redevelopment of its ambitious Al Faisaliah District in capital Riyadh.

As per the agreement, Salini Impregilo will upgrade Al Khozama's retail, hospitality and commercial assets commencing with the renewal of the iconic Al Faisaliah Mall.

A leading developer and manager of luxury, hospitality, retail and commercial properties in the kingdom, Al Khozama Management Company said this announcement marks another strategic step forward for realising its renewed vision to be the leading thinker, developer, creator and manager of luxury properties in Saudi Arabia and beyond.

Designed by award-winning architects Gensler, the redevelopment plans for the mall promises a larger and richer luxury shopping experience adding over 16,000 sq m of hitech, contemporary and interactive retail spaces for shoppers and tenants alike, said the Saudi developer.

The Al Faisaliah District Redevelopment Project kicks off with a SR200-million ($53.2 million) refurbishment of the renowned Al Faisaliah Mall, home to some of the world’s leading designer brands, it stated.

The remaining SR900-million ($240 million) will be purposed to demolish the adjacent Seyahiah and Al Khozama Centre buildings paving the way for the construction of the mall’s new luxury extension, the new modern lavish five-star Al Khozama Hotel and generous intelligent subterranean parking systems, it added.

On the project revamp, Abdulaziz S Al Habib, the president and CEO of Al Khozama Management Company, said: "We are very excited to begin this substantial redevelopment project with the introduction of the innovative designs of the new Al Faisaliah Mall to the Riyadh retail landscape."

He pointed out that the new Al Faisaliah District Redevelopment designs offer a fresh perspective on the future of retail, hospitality and lifestyle experiences,

Reflecting the world’s highest architectural standards and lifestyle trends, the new Al Faisaliah Mall extension will create the longest street retail façade in Riyadh and together with the new five-star Al Khozama Hotel will ensure the strongest presence on Olaya Road within the central business district, stated Al Habib.
"Al Faisaliah Mall has been and remains the beacon of the kingdom’s retail industry’s modernisation, bringing exclusive, luxury and premium global brands under one roof, and creating an unprecedented retail experience in the kingdom," he remarked.

The new Al Faisaliah Mall will see a significant overhaul and expansion of the current mall’s internal and external space, it added.

The Saudi developer said the project will be remodelled and upgraded over phases spanning a 16-month time period. Renovations will start at the mall’s Olaya Road entrance and a gradual demolition of the Seyahiah building on Olaya Road will also take place.

On the contract win, Pietro Salini, CEO of Salini Impregilo, said: "Our aspiration as a global organisation is to develop projects that serve as a catalyst for growth in their respective communities and contribute to the economic and social development of those communities."

"The Al Faisaliah Mall renovation and the overall Al Faisaliah District Redevelopment project is representative of the kind of projects that inspire our continued passion for excellence," he added.-TradeArabia News Service

Tags: Saudi | Retail project | Salini Impregilo |

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