Partners with Al Ghazzawi Group to build Jeddah Riviera Mall at an estimated cost of SAR 1.1 billion

Jeddah, July 16, 2007: MAF Shopping Malls, Dubai based leading developer and manager of shopping malls in the Middle East recently signed a joint venture agreement with the Al Ghazzawi Group, headed by Dr. Talal Al Ghazzawi, Chairman, Al Ghazzawi Group to build shopping malls and mix-used properties across the Kingdom of Saudi Arabia.

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.

Estimated to cost SAR 1.1 billion 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, MAF Shopping Malls. "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, the retail expenditure in Saudi is expected to rise to US $ 100 billion. 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.

"The real estate investment sector is growing in Saudi, 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 in KSA. The Al Ghazzawi Group has put together an investment plan in order to develop a number of real estate projects that will contribute to the economical development of the western province. Jeddah Riviera Mall is one of the landmark projects for the retail industry in Saudi," said Dr. Bilal Talal Al Ghazzawi, Vice Chairman and Managing Director, Al Ghazzawi Group.

Jeddah Riviera Mall will span more than 100,000 square meters (GLA) 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.

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About Al Ghazzawi Group
Al Ghazzawi Group is reputed for its expertise in investments in the real estate sector in Saudi Arabia and abroad. The group is known for developing shopping malls, offices, residential buildings and hotels in different locations within KSA. It has conducted several studies for its different projects that won many international awards.  Currently, the Al Ghazzawi Group owns a number of other projects in the different sectors.

About MAF Shopping Malls
MAF Shopping Malls is the region's leading shopping mall developer with an established network of operating centres in the Middle East and North Africa. The company is part of MAF Properties, one of the major operating subsidiaries of the Majid Al Futtaim Group. It has seven operating centres totalling over 500,000 square meters of GLA including: 4 centres in UAE, 2 in Egypt and 1 in Oman. MAF Shopping Malls deals with over a 1,000 retailers across the globe and its centres draw combined foot traffic of over 85 million shoppers annually.

MAF Shopping Malls' world-class shopping centres have revolutionised the retail industry over the past 15 years with breakthrough developments like Ski Dubai, the first indoor Ski Resort, Mall of the Emirates, the first shopping resort in the Middle East and the popular City Centre franchise that has been exported across the region to Egypt, Muscat and now the upcoming Bahrain City Centre.

© Press Release 2007