Majid Al Futtaim to break ground on SAR 16 bln Mall of Saudi tomorrow: CEO

Majid Al Futtaim CEO Alain Bejjani

Majid Al Futtaim will commence construction works at the Mall of Saudi in Riyadh as of Thursday, Oct. 28, Al Arabiya TV reported, citing Chief Executive Officer (CEO), Alain Bejjani, on the sidelines of the Future Investment Initiative (FII) conference.

The project will mark one of the world’s few retail shopping malls, with a total investment of SAR 16 billion over the next four years.

Construction works are anticipated to be completed in 48 months, he said.

Bejjani indicated that the company has SAR 4.6 billion worth of investments in Saudi Arabia.

The Mall of Saudi is expected to house more than 600 retail stores across its 300,000 square meters (sqm) gross leasable area. It will also have luxury hotels and hotel apartments with 2,000 keys, spanning 214,000 sqm of built-up area.

The development includes a five-star luxury hotel with 275 rooms, 10,000 parking spaces in the basement, a 33,200 sqm dedicated dining space and a 62,700 sqm leisure and entertainment zone comprising, Argaam reported.