Majid Al Futtaim choice of Saudi Arabia ‘normal’, Kingdom is ‘investment destination’, says CEO

Majid Al Futtaim Holding CEO Alain Bejjani

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

The Mall of Saudi will be the biggest mall not only in the Kingdom but the entire world. It will serve as a global hub in the retail industry and tourist attraction internally and globally.
 

Majid Al Futtaim will boost its investments in the Kingdom to SAR 20 billion, after the execution of Mall of Saudi project. It will exceed this figure after four years, Bejjani added.
 

Moreover, the company is committed to localization, as employment is rising in the Kingdom, especially with regard to Saudization.

On the other hand, Bejjani explained that Majid Al Futtaim has not fully recovered from the COVID-19 pandemic, shrugging off a full recovery before 2023.

Replying to a question about the company’s listing plans, Bejjani concluded, “the company currently has no plans to list shares in any market.”

Majid Al Futtaim commenced construction works at the Mall of Saudi in Riyadh on Oct. 28. The project will mark one of the world’s few retail shopping malls, with a total investment of SAR 16 billion, Argaam reported.

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.