Majid Al Futtaim Holding has partnered with Diriyah Company to launch a state-of-the-art VOX Cinemas multiplex and seven premier lifestyle retail brands at Diriyah Square, marking the company’s first lifestyle and entertainment presence in the high-profile precinct.

The agreement will introduce flagship stores for lululemon, Crate & Barrel, CB2, AllSaints, Shiseido, Abercrombie & Fitch, and Hollister, collectively covering 5,534.48 square metres.

VOX Cinemas will anchor the entertainment offering with 7,632.93 square metres, bringing the total gross leasable area to 13,167.41 square metres.

The project includes the first standalone Shiseido store in Saudi Arabia.

Diriyah Square: A key lifestyle and retail district

Diriyah Square, designed as a pedestrian-focused lifestyle and retail district, is part of the broader Diriyah development, which is forecast to contribute $18.6bn to the kngdom’s GDP, generate nearly 180,000 jobs, and house around 100,000 residents once completed.

Jerry Inzerillo, group CEO of Diriyah Company, said: “Their decision to bring this exceptional portfolio of brands, including three flagship stores, is a testament to the confidence the retail community has in our vision.”

Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, added: “Our partnership with Diriyah reflects our commitment to enriching everyday life through exceptional retail and entertainment experiences, while supporting the kingdom’s Vision 2030. We are confident in shaping Diriyah Square into a vibrant destination that blends modern retail with the rich traditions of the kingdom.”

The development follows a $600m contract awarded to Salini Saudi Arabia for construction of Diriyah Square, which will sit above one of the world’s largest underground car parks, accommodating over 10,500 vehicles.

The Royal Commission for Riyadh City (RCRC) has appointed global real estate advisory firm JLL as the leasing advisor for the commercial network of Riyadh Metro, in a move aimed at transforming the kingdom’s new transit hubs into major commercial destinations.

Under the agreement, JLL will develop and manage the retail strategy for 733 commercial units across 85 metro stations and 2,900 bus stops.

The firm will handle tenant mix planning, leasing management, rental rate analysis, and the full leasing cycle, including competitive tenders for retail outlets, ATMs, and click-and-collect kiosks.

Riyadh Metro to serve 3.6 million commuters every day

Riyadh Metro, part of Saudi Arabia’s Vision 2030 urban transformation, is a six-line network expected to serve 3.6 million daily commuters.

The commercial spaces are designed to integrate retail and dining into the city’s public transport experience, offering strong exposure for brands and new investment opportunities.

“Our strategic partnership as the leasing advisor for the Riyadh Metro commercial network is a powerful affirmation of JLL’s commitment to championing Saudi Arabia’s Vision 2030,” said Dana Williamson, head of Offices and Business Space for MENA at JLL. “We look forward to working alongside the RCRC to attract leading brands and maximise commercial viability.”

The leasing process will follow a transparent public bidding framework, with requests for proposals issued through the FORAS platform.

Wio Bank said on Monday it has crossed Dhs50bn ($13.6bn) in customer deposits, less than three years after its launch, as digital banking adoption accelerates across the UAE.

The Abu Dhabi-based digital bank said deposits have nearly doubled year-on-year, reflecting a strong shift in how individuals and businesses in the country manage their finances. The milestone underscores Wio’s growing role in the UAE’s push to become a global fintech hub.

Wio’s customer base expanded 72 per cent over the past year, driven by a 93 per cent rise in personal banking customers and 42 per cent growth in business clients.

Wio bank credits customer-centric approach for growth

The bank attributed the surge to its customer-centric approach, including competitive savings tools, salary-linked benefits, multi-currency accounts, and AI-powered investment features through its Wio Invest platform.

“We set out to help UAE businesses and individuals achieve more of their goals by building a platform that is truly born to back you,” said Jayesh Patel, CEO of Wio Bank . “This milestone reflects the trust our customers have placed in us and the shift towards digital-first, customer-centric banking.”

Read: CEO Jayesh Patel on Wio Bank’s rise in UAE’s digital banking space

Wio Bank said it plans to continue expanding its digital offerings and partnerships to support a more integrated and innovation-led financial ecosystem.

Majid Al Futtaim, the prominent shopping mall, communities, retail, and leisure conglomerate in the Middle East, Africa, and Central Asia, has announced the launch of Ghaf Woods Mall, a flagship shopping and leisure destination in Dubai. Announced on October 6, the mall will be the first forest-integrated retail space in the region, offering a unique blend of nature and commerce.

Read more-Sheikh Zayed road gets direct link to Mall of the Emirates: What motorists need to know

The new mall will anchor the Dhs15.4bn Ghaf Woods residential community, representing a pioneering step in biophilic retail design, a concept that integrates natural elements into built environments to improve visitor well-being and engagement.

“Ghaf Woods Mall is set to mark a bold new era in retail and community placemaking; an unprecedented landmark nestled within a forested landscape,” said Ahmed El Shamy, CEO of Majid Al Futtaim Development.

“From design to delivery, the ‘Mall in the Forest’ highlights our unwavering commitment to environmental innovation and excellence.”

Strategically located on Sheikh Mohammed Bin Zayed Road (E311), the mall will offer a curated mix of retail, dining, and entertainment set against immersive natural surroundings. The development is geared toward attracting flagship and anchor tenants looking to establish an early presence in a premium, high-growth district.

Ghaf Woods Mall is set to become the 30th mall in Majid Al Futtaim’s portfolio, its 19th in the UAE, and the first in the region to showcase the future-ready evolution of retailing.

Expanding footprint in Saudi Arabia with Diriyah Square partnership

In a parallel move that further expands its regional footprint, Majid Al Futtaim Holding has also announced a landmark partnership with Diriyah Company, bringing a state-of-the-art VOX Cinemas multiplex and a handpicked selection of seven top-tier brands to Diriyah Square, Saudi Arabia’s emerging luxury lifestyle hub.

The agreement establishes Majid Al Futtaim as the first major lifestyle and entertainment partner at Diriyah Square and marks a significant milestone in the development of the destination. Covering a total of 13,167.41 square metre, the offerings will include 7,632.93 square metre for VOX Cinemas and 5,534.48 square metre for retail space, featuring an elevated mix of fashion, home furnishings, and beauty outlets.

Notably, the deal introduces the first standalone retail store in Saudi Arabia for Japanese beauty brand Shiseido. Additionally, flagship stores for lululemon, Crate & Barrel, and Abercrombie & Fitch will debut at Diriyah Square, alongside new locations for AllSaints, CB2, and Hollister.

The agreement was formally signed at Diriyah Company’s headquarters by Jerry Inzerillo, Group CEO of Diriyah Company, and Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, with senior leadership from both companies in attendance.

A strategic alignment with Saudi Vision 2030

Speaking on the significance of the partnership, Jerry Inzerillo noted, “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 is a testament to the confidence the retail community has in our vision.”

Echoing the sentiment, Ahmed Galal Ismail highlighted the alignment with Saudi Arabia’s national goals: “Diriyah is poised to become a global beacon of culture, heritage, and innovation. We are proud to contribute to this transformative national project. With our diverse brand portfolio, world-class VOX Cinemas, and immersive lifestyle concepts, we are confident in helping shape Diriyah Square into a vibrant, pedestrian-first destination.”

When completed, Diriyah Square will feature over 400 of the world’s leading retail brands, luxury boutiques, and dining concepts, all within a pedestrian-centric precinct designed to integrate culture, leisure, and commerce. The broader Diriyah development, a centerpiece of Saudi Vision 2030, is expected to contribute $18.6bn (SAR70bn) to the kingdom’s GDP, create nearly 180,000 jobs, and house approximately 100,000 residents.

This latest partnership comes on the heels of a $600m (SAR2.249bn) construction contract awarded to Salini Saudi Arabia Co. Ltd., covering critical infrastructure work for the Diriyah Square development, including one of the world’s largest underground parking facilities with over 10,500 spaces.

A cohesive regional strategy

Together, the Ghaf Woods Mall launch in Dubai and the strategic expansion into Diriyah Square reflect Majid Al Futtaim’s aggressive regional growth strategy and continued commitment to redefining retail, leisure, and entertainment experiences across the Middle East.

Both initiatives underscore the group’s ability to blend innovation with cultural and environmental awareness, while tapping into high-growth markets and national transformation agendas such as Saudi Arabia’s Vision 2030 and Dubai’s urban development masterplans.

With a mix of biophilic design in Dubai and luxury integration in Diriyah, Majid Al Futtaim is not just building malls, it’s curating next-generation lifestyle destinations poised to shape the future of regional retail.

Blackstone, the world’s largest alternative asset manager, and Lunate, the Abu Dhabi-based global investment management firm with more than $110bn in assets under management, have partnered to invest in logistics assets across the Gulf Cooperation Council (GCC).

The two firms will establish Gulf Logistics Infrastructure Development Enterprise (GLIDE), a new platform focused on developing, acquiring, and managing Grade A logistics assets across the GCC.

Blackstone, which owns more than 1.2 billion square feet of logistics assets globally, will combine its global experience with Lunate’s regional investment network and expertise.

Additional strategic partners from the GCC are expected to join GLIDE, which will operate with dedicated teams across the region to support its growth.

Blackstone and Lunate platform, GLIDE, will focus on greenfield developments

The partners said demand for logistics space in the GCC is expanding rapidly, driven by economic growth, the rise of e-commerce, and manufacturing activity. However, a shortage of modern, efficient Grade A logistics facilities that meet international standards has created strong investment opportunities.

Targetting $5bn in high-quality warehouse assets, GLIDE will focus on greenfield developments, selective portfolio acquisitions, and sale-and-leaseback transactions with leading regional businesses.

“The profound economic transformation underway in the GCC, driven by pro-growth policies, favourable demographic shifts and broad-based economic diversification, is creating powerful momentum for sectors like logistics,” said Jon Gray, president and COO at Blackstone. “We are thrilled to partner with Lunate to combine our investment expertise and deep logistics experience with their strong GCC presence and capabilities to build GLIDE, a pan-regional logistics platform at scale.”

Khalifa Al Suwaidi, managing partner at Lunate, said, “GLIDE will offer our clients and investors access to compelling investments in high-quality logistics assets and support the development of new infrastructure to drive growth across the GCC. This partnership combines global scale with regional expertise to unlock a market ready for transformation.”