Dubai: Majid Al Futtaim, a Dubai-based retail and hospitality conglomerate, said on Monday that it plans to develop two shopping malls in Riyadh, Saudi Arabia, with an investment of 14 billion Saudi riyals ($3.73 billion, Dh13.69 billion).
Mall of Saudi and City Centre Ishbiliyah will feature luxury international fashion brands and entertainment and leisure facilities that are new to the kingdom. The malls will also “deliver more than 10,000 direct and indirect jobs to the capital,” stated Alain Bejjani, chief executive officer at Majid Al Futtaim – Holding.
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 region. They are “expected to be funded in line with the company’s prudent financial management and consistent with its BBB credit rating levels”, according to a statement issued by the company.
Covering an area of 866,000 square metres, Mall of Saudi will include one of the world’s largest indoor snow parks and 300,000 sqm of shops, restaurants, entertainment areas, residential units, offices, show rooms space, luxury hotels, and serviced apartment buildings, among others.
The development of the first phase of the mall, located in the north of Saudi, is set to start by mid-2017 and be completed by 2022. It will include 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.
Meanwhile, City Centre Ishbiliyah, which will be Saudi Arabia’s first City Centre, will cover over 100,000 sqm of gross leasable area and will feature 250 stores, a 9,000 sqm Carrefour hypermarket, a food court and an entertainment complex which includes Magic Planet.
In Saudi Arabia, Majid Al Futtaim operates 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.
