Majid Al Futtaim to build two new malls in Riyadh
Majid Al Futtaim will invest $3.73bn (SAR14bn) building the malls in Saudi Arabia's capital Riyadh
Majid Al Futtaim is set to invest $3.73bn (SAR14bn) building two malls in Saudi Arabia's capital Riyadh.
The 300,000 sqm Mall of Saudi, which Majid Al Futtaim said would be the Kingdom's largest, will feature shops, restaurants, entertainment, offices, hotesl and residential units.
It will also boast Saudi Arabia's first indoor ski slope.
The Dubai-based company said work will commence on the mall in mid-2017, with the first phase expected to be completed by 2022.
Meanwhile, the second mall - City Centre Ishbiliyah in the eastern part of the capital - will be spread over 100,000 sqm and will feature 250 shops.
No construction schedule was unveiled for this mall.
Majid Al Futtaim, which rivals Emaar Malls as Dubai's top mall operator, reported an 8% rise in annual revenue last week.
No net profit figures were disclosed.