Majid Al Futtaim sees strong rebound in Saudi market, develops biggest mall in Riyadh

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UAE's malls operator Majid Al Futtaim (MAF) expects the Saudi market to see a strong rebound with the rollout of COVID-19 vaccines, The Associated Press reported, citing CEO Alain Bejjani. 

A return to pre-pandemic levels is likely by the end of 2022, in terms of financials. 

Bejjani also revealed that the group plans to open 30 new cinemas in the Kingdom this year, as well as develop its biggest mall ever in Riyadh. 

In early 2016, MAF announced a plan to set up two world-class shopping malls in Riyadh – Mall of Saudi and City Centre Ishbiliyah – with a total investment reaching SAR 14 billion. 

The region's largest malls operator suffered a decline in revenues by 7% to $8.9 billion last year, leading to a 19% drop in profit to about $1 billion, due to shut-downs caused by the pandemic.