Al Akaria to develop $5 bln entertainment, shopping complex in Riyadh

Saudi Real Estate Co. (Al Akaria) has signed an initial partnership agreement with Arabian Dream KSA to develop the world’s largest mixed use entertainment and shopping complex of its kind at its Widyan site in Riyadh.

Arabian Dream KSA is principally owned by Triple Five Worldwide, owner and developer of the three biggest retail and entertainment centers in North America, Al Akaria said in a statement.

Estimated to cost around $5 billion (SAR 18.75 billion), the new destination will comprise theme parks, water parks, recreational and sports facilities, retail dining, shopping centers and hospitality components, coupled with the latest artificial intelligence (AI) technology.

The funding and designs for the project as well as the final agreements will be finalized in the coming six months.

Al Akaria is entitled to subscribe to 20 percent of the new entity, which will be formed by Arabian Dream to develop this project.

The relevant financial impact will be determined after finalizing the necessary studies and obtaining the required regulatory approvals.

Updates will be duly revealed, and the deal included no related parties, the statement added.

“With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia,” Aiman Mudaifer, Chairman of Al Akaria, said.