Retail and shopping group Majid Al Futtaim has announced plans to invest SAR 14bn in the building of two malls in the Saudi capital Riyadh.
The first, the 300,000-square metre Mall of Saudi, will be the country’s largest, according to MAF. It will include a mixture of retail, restaurant, entertainment, office, hotel and residential space and Saudi Arabia’s first indoor ski slope.
Work on the project will start in mid-2017 and be completed by 2022.
The company’s second mall will be the 100,000-square metre City Centre Ishbiliyah in the eastern part of Riyadh. It will include 250 shops and a carrefour hypermarket. No timetable has been specified for its completion.
“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,” said Majid Al Futtaim Holding CEO Alain Bejjani.
Last week, MAF reported an 8 per cent rise in revenue to Dhs 27.3bn and said it would open malls in Egypt and the UAE in 2016, as well as Africa’s first Carrefour in Kenya.