Majid Al Futtaim, a leading shopping mall, retail and leisure facilities operator, has announced plans to develop two new landmark shopping malls in Riyadh at a cost of SR14 billion ($3.73 billion).
A range of luxury international fashion brands, as well as unique entertainment and leisure experiences will come to the kingdom for the first time at Mall of Saudi and City Centre Ishbiliyah, it adds.
Mall of Saudi, the kingdom’s largest and first fully-integrated lifestyle destination with a total land area of over 866,000 sq m in northern Riyadh, will include one of the world’s largest indoor snow parks. The development plan also includes 300,000 sq m of shops, restaurants and entertainment areas, prime residential units, offices and showroom space, luxury hotels, serviced apartment buildings and other public amenities.
The first phase of Mall of Saudi will see the opening of the mall, ski slope, one hotel and serviced apartment building as well as other general infrastructure.
Future phases will include the development of the residential, office, medical centre and hotel plots. Work is set to commence by mid-2017 and be completed by 2022.
Majid Al Futtaim will launch Saudi Arabia’s first City Centre mall in Ishbiliyah, east Riyadh. It will cover more than 100,000 sq m of gross leasable area and will feature 250 stores, a 9,000-sq-m Carrefour hypermarket, a food court and an entertainment complex inclusive of Magic Planet.