Dubai: Abu Dhabi's Modon Properties signed a long-term lease with LuLu Group International for the operation of retail outlets at the Courtyard Mall complex in Riyadh City. The 25-year deal covers rental of an area of 3,661 square metres at Courtyard Mall for the hypermarket chain.
The complex extends over an area of 8,683 square metres in the north of Riyadh City. On its completion, the project is to include seven restaurants, 13 shops and a supermarket.
Riyadh City has been designed to be close to major road networks leading to and from Abu Dhabi City, as well as important urban and industrial areas. The new city is 30 kilometres from Abu Dhabi.
Saifee Rupawala, CEO of LuLu Group, said: “We are proud to launch our first ever full-fledged hypermarket in Riyadh City. It has always been our goal to make the highest quality products both affordable and accessible to shoppers in metropolitan areas as well as in residential communities, so no one needs to drive a long distance.
"Following the express store that we opened last year, we are delighted to make this new shop possible in partnership with Modon, in order to fulfil the growing demand for lifestyle essentials within the vicinity.”
Upon completion, the Riyadh City project will include 28,574 residential plots, 26,696 villas, 2,693 townhouses, four universities, 33 schools, 27 nurseries, one hospital, 33 medical clinics, 182 mosques, eight civil defence centres, 18 fuel stations, 16 government facilities, 60 social service centres and 213 commercial plots.
It covers almost 82 million square metres, equivalent to 85 per cent of the area of Abu Dhabi island.