The Mall Of Saudi Arabia To Be Inaugurated In Q4 By Majid Al Futtaim Of Dubai

Majid Al Futtaim, based in Dubai, has inked an agreement with AECOM, a worldwide infrastructure consulting firm, to assist with the building of the retailer's flagship project in Saudi Arabia, the Mall of Saudi Arabia. The mall will open in Riyadh in the fourth quarter of this year as part of a mixed-use development in the capital city's north.

AECOM will serve as the project's principal design firm and will oversee the mall's construction, which will include approximately 600 retailers spread across 300,000 square metres of gross leasable area. Currently, shops have reserved half of the space.

The Mall of Saudi Arabia would also feature the Middle East's largest ski slope and snow park, as well as luxury hotels and branded homes totaling 2,000 keys on a 214,000 square metre site. A Carrefour hypermarket, 31 VOX Cinema screens, including the world's largest IMAX, and a Magic Planet will be situated in the mall.

Majid Al Futtaim, which employs 43,000 people across 17 markets and owns and operates 27 shopping malls, 13 hotels, and four mixed-use communities, reported a 7% drop in revenue to AED32.6 billion  in 2020, resulting in a net loss of AED2.7 billion, compared to a loss of AED1.9 billion in 2019.

Revenue in its retail division declined 24 percent to AED3.5 billion, while occupancy rates in its hotels plunged 60 percent, but the worst hit was in the Majid Al Futtaim — Ventures division, which controls its leisure, entertainment, and movie assets, where revenue plunged 49 percent to AED1.4 billion.

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