Dubai-based Al-Futtaim Group has signed a memorandum of understanding to create Saudi Arabia’s biggest shopping mall. The deal with Riyadh-based Kayannat Real Estate Company will lead to the establishment of Al Diriyah Festival City, which will have approximately 2.7 million sqft of gross leasable area located to the west of the capital city.
The $1.6 billion super-regional mall will be anchored by Ikea, construction of which is expected to start soon and completion scheduled in 12 months. A luxury 500-room hotel and serviced apartments will also feature in the development, which has obtained all necessary building permits to move into construction.
Under the agreement, Al-Futtaim will manage all matters related to the Al Diriyah Festival City project providing investment and development management services to construct, develop, lease and operate the mall. “With a population of 30 million Saudi Arabia is the GCC’s biggest market with a booming retail sector expected to reach a value of $73.6 billion by the end of 2014, accounting for 17% of Saudi Arabia’s GDP,” says Omar Al Futtaim, vice chairman, Al Futtaim Group. “We are privileged to be able to enter into a partnership with a group of prestigious businessmen, including the franchisee of Ikea in the Kingdom, Dr Ghassan Ahmed Abdullah Al Sulaiman, in order to tap into this lucrative market and further contribute to the Kingdom’s economic development,” he adds.
“On this momentous occasion for Saudi Arabia’s retail sector it is with great pleasure that we partner with Al-Futtaim Group, with its proven track record in shopping mall development and operations. Once completed, Al Diriyah Festival City will elevate Saudi consumers’ retail experience to a whole new level,” observes Fahad Al Muqbal, Kayannat’s managing director.
A report from Bain & Company has revealed that the emergence of some positive shopping trendsMay 9, 2021 | By RetailME Bureau
UAE-based RAW recently announced that it would be extending its GCC operations,May 4, 2021 | By Bilal Syed
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
UAE-based Carrefour has opened a new store at the world’s busiest international
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²
UAE-based Times Square Center is getting ready to reveal its newly refurbished,
UAE-based Majid Al Futtaim has officially opened its newest lifestyle and retail
Carrefour has announced that it is expanding its robotic fleet, adding 11
Marking the 200th hypermarket opening in Cairo, Egypt, LuLu is celebrating the
Emerging technologies and IT integration in businesses have been taking place for
British fast-fashion retailer Primark says it has no plans to sell its
UAE-based Emaar Malls have announced the resignation of its CEO, Rajiv Suri
Nakheel Malls, the retail arm of master developer Nakheel, has launched its
Majid Al Futtaim has underlined its commitment to sustainability and creating unique