Majid Al Futtaim Holding said today it is investing 14 billion riyals, or $3.7 billion, to develop two projects that include construction of what would be Saudi Arabia‘s largest shopping mall and would include the kingdom’s first snow park.
Mall of Saudi is to be located north of Riyadh with construction breaking ground in mid-2017 and being completed in 2022. Majid Al Futtaim said it would be the “largest and first fully integrated lifestyle destination, with a total land area of more than 866,000 square meters [or 9.3 million square feet] which will include one of the world’s largest indoor snow parks.”
The development includes 300,000 square meters, or 3.2 million square feet, “of shops, restaurants and entertainment areas, prime residential units, offices and showrooms space, luxury hotels, serviced apartment buildings and other public amenities,” the company said, adding that it would feature snow parks and ski slopes, and the “most sought after brands from luxury to lifestyle, an exclusive mix of food and beverage and other innovative retail concepts.”
The company said it plans to expand east Riyadh’s “largest mall network” with the construction of 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 [Middle East and North Africa] region,” the company said, adding it will include more than 100,000 square meters, or 1.07 million square feet, of gross leasable area. City Centre will house 250 stores including a Carrefour hypermarket as well as a food court and an entertainment complex.
Alain Bejjani, chief executive officer of Majid Al Futtaim Holding, said for “over two decades we have been shaping the retail landscape in the region and beyond by introducing its first integrated retail, leisure and entertainment experience, driven by the vision of our founder to create great moments for everyone, every day.”
Majid Al Futtaim is the company behind Ski Dubai, the ceo said, and it also introduced “the region’s first indoor and outdoor water park in Bahrain, and [brought] countless world-renowned international brands to the Middle East and beyond.”
The two projects will bring “more than 114,000 direct and indirect jobs to the capital,” Bejjani added.