Diriyah Company, the developer of Saudi Arabia's premier historical, cultural, and lifestyle destination, has announced a landmark partnership agreement with Majid Al Futtaim Holding, a leading communities, retail and leisure pioneer in the region, to introduce its VOX Cinemas to DiriyahSquare, a world-class premium lifestyle district.
As per the deal, along with the state-of-the-art VOX Cinemas multiplex, it will also bring a curated collection of seven premier brands to the prestigious Diriyah Square.
The agreement, which marks Majid Al Futtaim Holding as the first major lifestyle and entertainment partner at Diriyah Square, introduces a dynamic mix of fashion, home furnishings, and beauty brands to the heart of the destination.
Diriyah Company said these lifestyle retail outlets will span approximately 5,534.48 sqm, while the VOX Cinemas will cover 7,632.93 sqm, bringing the total to 13,167.41 sqm.
The partnership will see the launch of the first standalone retail store in Saudi Arabia for Japanese beauty brand Shiseido.
In addition, lululemon, Crate & Barrel, and Abercrombie & Fitch will establish flagship stores in Diriyah Square, complemented by new locations for popular brands AllSaints, CB2 and Hollister, it stated.
The agreement was inked by Jerry Inzerillo, Group Chief Executive Officer of Diriyah Company, and Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, at Diriyah Company's headquarters in the presence of senior leadership from both organizations.
Speaking on the occasion, Inzerillo said: "We are enormously proud to partner with Majid Al Futtaim, one of the region’s giants in lifestyle and entertainment. Their decision to bring this exceptional portfolio of brands to Diriyah, including three flagship stores, is a testament to the confidence the retail community has in our vision."
"Diriyah Square will be a place of discovery and delight, and this partnership is a foundational step in creating an unparalleled shopping and entertainment destination for residents and visitors alike," he stated.
Lauding the deal, Ismail said: "Diriyah is poised to become a global beacon of culture, heritage and innovation, and we are proud to contribute to this transformative national project. Our partnership with Diriyah reflects our unwavering commitment to enriching everyday life through exceptional retail and entertainment experiences, while supporting the Kingdom’s ambitious Vision 2030."
"With our diverse brand portfolio, world-class VOX Cinemas, and immersive lifestyle concepts, we are confident in our ability to help shape Diriyah Square into a vibrant, pedestrian-first destination that seamlessly blends modern retail with the rich traditions and heritage of the kingdom," he added.
The premium developer said Diriyah Square has been designed to connect the world’s finest brands with authentic Saudi luxury concepts in a pedestrian-centric precinct that seamlessly blends culture, leisure, and entertainment.
When complete, Diriyah Square will host over 400 of the finest retail brands, luxury boutiques, and dining concepts, it stated.
This partnership follows the recent awarding of a $600 million contract to Salini Saudi Arabia for construction work on the high-profile Diriyah Square, which will sit above one of the world’s largest underground car parks with over 10,500 spaces.
As a cornerstone of Saudi Vision 2030, the broader Diriyah development is forecast to contribute approximately $18.6 billion to the kingdom’s GDP, create nearly 180,000 jobs, and be home to an estimated 100,000 people upon completion.-TradeArabia News Service
