Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, is set to develop two major shopping malls, Mall of Saudi Arabia and City Center Seville, in Riyadh, both of which will house leading international brands and offer unique entertainment and leisure experiences to the Kingdom's capital for the first time.
Majid Al Futtaim is set to develop two major shopping malls, Mall of Saudi Arabia and City Center Seville.
Last week, Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh, sponsored the announcement ceremony of Majid Al Futtaim's investment in Riyadh worth 14 billion riyals in two shopping centers, Mall of Saudi Arabia and City Center Seville in the presence of a number of Their Excellencies, senior officials and businessmen at the Ritz Carlton Hotel.
The ceremony was held last week in Riyadh.
In his speech during the ceremony, the Emir of Riyadh expressed his appreciation to Al-Futtaim Group for working on this project, which he described as a link between the Arab Gulf countries and a new communication nucleus for constructive philanthropy. His Highness wished Al-Futtaim Group success in bringing the project to life and establishing other projects in Riyadh, thanking all those who worked and provided facilities from the state sectors.
For his part, Majid Al Futtaim Holding CEO Alan Bejjani expressed his thanks to His Highness the Emir of Riyadh for his patronage and support for investment and investors in the capital, Riyadh.
"Majid Al Futtaim has a strong presence in the Kingdom dating back more than 11 years, where it operates Carrefour Mall with 16 branches and more than 2,500 employees," he said. "It is time to move to a new level of business and investment and contribute to the growth of the local economy through the construction of Mall of Saudi Arabia and City Center Seville," he said. "Mall of Saudi Arabia, one of the largest shopping malls in the Kingdom and the world, is located in the Al Narjis neighborhood north of Riyadh."
More than 20 centers
More than 20 centers
<p class="p3The completion of the two new projects in Riyadh will bring the total number of Majid Al Futtaim owned and operated malls across the Middle East to more than 20, further strengthening the company's position and bringing some of the world's most iconic brands to new markets in the region. Both projects are expected to be financed in line with the company's prudent financial management and in line with BBBcredit rating levels
..Alain Bejjani, CEO of Majid Al Futtaim Holding, said on the occasion, »This day, which we have been striving to reach, marks an important milestone in the history of Majid Al Futtaim. I would like to take this opportunity to express our sincere thanks and appreciation to His Royal Highness Prince Faisal bin Bandar bin Abdulaziz, Emir of Riyadh, for his generous patronage of these ambitious projects.»
Brand Highlights
«20 years ago, we changed the retail landscape in the region by providing the first integrated retail and entertainment experience. Since then, we have endeavored to live up to the founder's vision of creating great moments for everyone, every day. To achieve our goals, we brought snow to the desert for the first time when we developed the region's first indoor ski resort, Ski Dubai, and introduced countless of the world's most iconic brands to the Middle East and beyond. We look forward to delivering similar experiences to the residents and visitors of Saudi Arabia through our new projects in Riyadh, which will create more than 10,000 direct and indirect jobs in the capital.»
Mall of Saudi Arabia
Majid Al Futtaim is planning to build Mall of Saudi Arabia in northern Riyadh, the country's largest and first integrated lifestyle destination with a total area of more than 866,000 square meters including one of the world's largest indoor ski resorts. The project is set to include 300,000 square meters of retail space, restaurants, entertainment facilities, luxury residential units, offices, showrooms and luxury hotels.
The first phase of the project, which is scheduled to start in mid-2017 and be completed by 2022, will include a shopping center, a ski slope, a hotel, a hotel building, as well as other public infrastructure. A major park, as well as roads, utilities and service infrastructure. Future phases will include the development of residential units, offices, a medical center, and other hotels.
City Center Seville
In eastern Riyadh, Majid Al Futtaim plans to expand its mall network, the largest in the region, by building CityCenter Seville, the first mall in the Kingdom to be part of the award-winning CityCenter network, which includes 13 shopping centers across the Middle East. The new mall will offer more than 100,000 square meters of leasable space and will feature 250 stores, a 9,000-square-meter Carrefour hypermarket, and entertainment complexes.
Strong attendance
Majid Al Futtaim has had a strong presence in the Saudi Arabian market for more than 11 years. Today, Carrefour operates 12 hypermarkets and 4 supermarkets and employs more than 2,500 people in the Kingdom. The Group also operates Innova, a facilities management company in Saudi Arabia, through a joint venture with Veolia. The group's retail unit brings in the world's most famous brands such as Jane Norman, Juicy Couture and Peacocks.
Praise for Saudi economy
On the other hand, Alain Bejjani, CEO of Majid Al Futtaim, praised the strength of the Saudi economy and its absorption of all types of investments, indicating that they were not afraid to enter and invest in the Saudi market and said that investors should not only look at the risks, but also the opportunities.
Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa.
Majid Al Futtaim's success story is the result of a vision founded by Mr. Majid Al Futtaim, who dreamed of changing the concept of shopping and leisure to «create great moments for everyone, every day». This vision has been realized through several innovative and modern shopping malls, first opened in the UAE, and then expanded to 13 markets around the world, employing more than 30,000 people. The Group has the highest investment grade (BBB)
Credit Rating
Credit Rating
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Majid Al Futtaim today owns and operates 19 shopping centers, 12 hotels, three master-planned communities and several projects under construction. Majid Al Futtaim's shopping malls include Mall of the Emirates and City Center malls, as well as four shopping malls in partnership with the Government of Sharjah. Majid Al Futtaim has the exclusive use of the Carrefour brand in 38 markets across the Middle East, Africa and Central Asia. With Hyperstar in Pakistan, Majid Al Futtaim operates more than 150 stores in 13 countries.
