Beirut (APD) - Four real estate firms started the construction of a SR 500 million shopping mall in Jeddah which they believe will be the largest mall in Saudi Arabia, the Riyadh-based daily, al Iqtisadiya reported Monday.
Al Khaleej Holding Forum, Real Estate Development, Bin Dawood Superstores and Hamad Bin Mohammad al Moussa companies are teaming up to build this 200,000 square meters shopping center and two residential towers. The complex, named the Red Sea Mall, is scheduled to be completed by mid 2007.
Mohammad Bin Ibrahim Bin Hazeem, CEO of al Khaleej, said that major retailers like Paris Gallery and Hyper Panda have already reserved lots in the mall. The two GCC-based firms operate networks of upscale retail outlets and supermarkets.
With 91,572 (19.04%) retailers and companies representing international trademarks, Jeddah attracts the highest number of the 480,825 international brand companies listed in Saudi trade registry, Al Iqtisadiya noted.
Saudi Arabia's second city after Riyadh, Jeddah is home to 38% of the largest 100 companies in the Kingdom and 15 major firms based here represent a combined $3 billion in paid-up capital. [TS]
By Nadim Issa, APD Staff Writer in Beirut
APD (Arab Press Digest) 2005
