Majid Al Futtaim to invest $3.7 billion for two new shopping malls in Riyadh
Majid Al Futtaim, the leading shopping mall, retail ioneer across the Middle East and North Africa (MENA), has announced plans to develop two new landmark shopping malls in Riyadh, which will see a series of luxury international fashion brands, as well as unique entertainment and leisure experiences come to the Kingdom for the first time at Mall of Saudi and City Centre Ishbiliyah.
The two new developments will bring the total number of Majid Al Futtaim owned and operated malls to more than 20 across the MENA region and will help to continue the company’s rich heritage of launching many of the world’s most sought after brands into new markets. The mall concepts are expected to be funded in line with the company’s prudent financial management and consistent with its BBB credit rating levels.
In north Riyadh, Majid Al Futtaim plans to build Mall of Saudi, the Kingdom’s largest and first fully integrated lifestyle destination, with a total land area of over 866,000 sqm which will include one of the world’s largest indoor snow parks. The development plan also includes 300,000 sqm of shops, restaurants and entertainment areas, prime residential units, offices and show rooms space, luxury hotels, serviced apartment buildings and other public amenities.
In east Riyadh, Majid Al Futtaim plans to expand the region’s largest mall network by building City Centre Ishbiliyah. The mall will be Saudi Arabia’s first City Centre mall, which is an international award-winning brand with 13 malls located across the MENA region. It 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 inclusive of Magic Planet. The key areas of the mall will be designed to create distinct precincts that flow into each other and create delightfully different experiences for the customers as they move from one to the other.