Developer to build largest outlet complex in Saudi for $67m
Saudi-Lebanese owned real estate firm RED House announced on Sunday that it will be launching the first and largest outlet complex in Saudi Arabia
Saudi-Lebanese owned real estate firm RED House announced on Sunday that it will be launching the first and largest outlet complex in Saudi Arabia.
Riyadh Outlet Village will be a themed multi-purpose shopping complex that will include recreational, entertainment, and dining options as well as a traditional Saudi souk, spread across an area of 160,000m2.
Mazen Al-Beaini, RED House chairman said that the project will be financed by a closed investment fund worth $67m (SAR250m) through one of Saudi’s largest financial companies.
The concept design of the project is currently under development, while the developer estimates the total volume of contracting works to be around $80m (SAR300m).
"We are speaking to select contractors for the execution of the infrastructure and the upper structure buildings," a spokesperson from the company told Construction Week.
RED House is also in discussions with an international operator and outlet management firm for the project, the spokesperson added.
Established in 2015, RED House partnered with Dubai Investments to manage and develop mega real estate projects in Saudi Arabia, which includes the Riyadh Investment Park project, an 11 million square metre, mix-use industrial, commercial, and logistic complex located in the east of Riyadh.
RED House Group, member of Al-Beaini Holding, is a privately owned Saudi-Lebanese real estate investment and development firm established in 2005 and specialising in master planned communities investment and development.