Investments in The Point project in Abha exceed SAR 1B: Red Sea Markets

Mohammad Alawi, Managing Director and Executive Board Member of Red Sea Markets Co.

Red Sea Markets Co. completed the land preparation phase and commenced construction on "The Point" project in Abha, Managing Director and Executive Board Member Mohammad Alawi told Argaam.

Speaking on the sidelines of the Retail Leaders Circle Global Forum, Alawi noted that work on the project began four months ago and is progressing according to schedule.

The top executive revealed that investments in "The Point" exceeded SAR 1 billion. Plans include adding an office tower and a residential tower, which will be studied at a later stage.

He added that the project is being developed in partnership with the Tourism Development Fund (TDF) and will feature two world-class hotels: Canopy by Hilton and Hilton Residences, both set to open in mid-2027.

Additionally, a 50,000-square-meter shopping center will be developed, featuring a medical center, a youth hub, and an entertainment and a cinema complex inspired by Abha’s natural beauty, scheduled to open by the end of 2026.

Alawi highlighted the retail sector’s growth in Saudi Arabia, noting that it has expanded from SAR 270 billion and is expected to reach SAR 350 billion in the future.

He emphasized that shopping malls and the retail sector are key drivers of human resources development, according to reports from Ministry of Human Resources and Social Development (HRSD).

Besides, Red Sea Markets has over 15 years of experience in developing and managing major commercial projects. Among its flagship developments is Red Sea Mall in Jeddah, one of the Kingdom’s largest shopping centers, which also includes a hotel and a fully-integrated office complex.

Alawi further explained that Saudi Vision 2030 has been instrumental in driving growth, with the number of visitors to holy sites rising to 18 million pilgrims and Umrah performers.

He added that hosting major global events such as Expo 2030 and the 2034 FIFA World Cup would reshape market competition, alongside the government’s strong push for foreign investments, particularly through incentives granted to international companies investing in Makkah and Madinah.