A rendering of the future Mall of Saudi. Majid Al Futtaim
Dubai mall giant, Majid Al Futtaim, will break ground on its flagship project in Saudi Arabia in the fourth quarter of this year, according to an Arab News report.
The Mall of Saudi will be a mixed use development in the north of Riyadh and is expected to consist of around 600 stores across 300,000 square metres of gross leasable area. It will also include the Middle East’s largest ski slope and snow park, luxury hotels and branded residences.
Majid Al Futtaim, which employs 43,000 people in 17 markets and owns and operates 27 shopping malls, 13 hotels and four mixed-use communities, reported a 7 percent year-on-year fall in revenues to 32.6 billion dirhaam ($8.88 billion) in 2020.
In 2021, Majid Al Futtaim has marched ahead with expansion plans, with the opening of City Center Al Zahia in Sharjah in March, while the Mall of Oman is due to open later this year. There are also plans to expand into Kenya, Uganda, and Uzbekistan.