17 July 2007
Dubai: MAF Shopping Malls, a Dubai-based leading mall developer, is entering the Saudi retail market by forming a joint venture with Al Ghazzawi Group to build shopping malls and mix-used properties across Saudi Arabia, an e-mailed statement said.
"One of the key initiatives of this partnership will be the launch of the successful City Centre brand in the Kingdom. The first project, Jeddah Riviera Mall will be built using Al Ghazzawi Group's local expertise in real estate and mix-used projects in Saudi Arabia combined with MAF Shopping Malls regional experience," the MAF statement said.
Estimated to cost 1.1 billion Saudi riyals to build, the regional shopping centre will be strategically located on Prince Sultan Road, in the heart of Jeddah and will be completed by 2010.
"The joint venture agreement with the Al Ghazzawi Group marks MAF Shopping Mall's debut in KSA," said Graham Dreverman, CEO of MAF Shopping Malls.
Retail expenditure
"We look forward to working with our partners to build a world-class shopping mall that will meet the consumers demand for shopping, leisure and entertainment."
In the next 10 years, retail expenditure in Saudi Arabia is expected to rise to $100 billion, he said.
"By this joint venture, this will be the first of many projects that we plan to build in the Kingdom. As part of the company's aggressive regional expansion plans, we aim to capitalise on this retail boom and expand our footprint in the country by developing many City Centre shopping malls in KSA," added Dreverman.
Jeddah Riviera Mall will span more than 100,000 square metres and house over 300 retail outlets including MAF Hypermarkets - Carrefour, the world's second largest retailer and other key anchor stores.
The retail mix will include convenience, fashion, home, electronics, entertainment and leisure categories, a variety of multi-cuisine restaurants amongst others.
Multiple entries and exits at different levels of the 4,000 plus car park will ensure that customers can easily access the mall.
"The real estate sector is growing in Saudi Arabia, the western province of the kingdom has witnessed a substantial increase in investments for new developments. Jeddah is one of the key cities that has attracted the highest percentage of investments. The Al Ghazzawi Group has put together an investment plan to develop a number of projects that will contribute to the economical development of the western province," said Dr. Bilal Talal Al Ghazzawi, vice-chairman and managing Director, Al Ghazzawi Group.
By Staff Reporter
Gulf News 2007. All rights reserved.
