Majid Al Futtaim to invest 14 billion Saudi riyals for two malls in Riyadh

Majid Al Futtaim will invest 14 billion Saudi riyals building two malls in Saudi Arabia’s capital Riyadh, the Dubai-based company said on Monday.

The 300,000-square metre Mall of Saudi, which privately held MAF said would be the kingdom’s largest, will include shops, restaurants, entertainment, offices, hotels and residential units, plus Saudi’s first indoor ski slope.

Work will start in mid-2017, with the first phase of the mall to be completed by 2022, the company said at a launch event in Riyadh.

The second mall – the 100,000-square metre City Centre Ishbiliyah in the eastern part of the capital – will include 250 shops. MAF did not specify its construction timetable.

The company, which rivals Emaar Malls as Dubai’s top mall operator, last week reported an 8 per cent rise in annual revenue. It did not disclose net profit.

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