Riyadh, KSA: Al AkariaSaudi Real Estate Company, one of the largest publicly listed real estate developers on the Saudi stock exchange (Tadawul), announces its initial collaboration with Arabian Dream KSA, principally owned by Triple Five Worldwide, owner and developer of the three biggest retail and entertainment centers in North America – Mall of America, American Dream and West Edmonton Mall, to develop the world’s largest mixed use entertainment and shopping center development of its kind at Akaria’s Al Widyan site in Riyadh.
Estimated at USD 5.0bn to develop, this new destination will comprise theme parks, water parks, recreational and sports facilities, retail dining, shopping centres and hospitality components, coupled with the latest artificial intelligence technology to create a truly different visiting experience for all its visitors when it is completed. This is in line with the Saudi Arabia Vision 2030, which aims at creating partnerships between local and international players to bring best-in-class partners in the world to the Kingdom.
The development is located within the Al Widyan masterplan which is 100% owned and being developed by Al Akaria. Spread over 7 million square meters, the Al Widyan masterplan is being designed and developed as a fully-integrated mixed-use development and leisure destination based on the principles of wellness and quality of life and incorporating a blend of carefully planned lifestyle, commercial and entertainment districts and clusters. First phase launch of the Al Widyan project is targeted to take place in the first half of 2020.
“We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at our Al Widyan project site. With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia. Through this project, we are also proud to play an active role in contributing towards Saudi Arabia’s Vision 2030”, said Aiman Mudaifer, Chairman of Saudi Real Estate Company.
“Al Widyan is the largest project in our portfolio. This collaboration with Arabian Dream aims to bring a unique leisure and entertainment experience to its residents, visitors and tourists. This project is a testament of Al Akaria’s ambition to deliver world class developments,” added Kelvin Kwok, CEO of Saudi Real Estate Company.
Jason Lucas, Vice President of Triple Five and Chief Executive Officer of Arabian Dream stated: “Arabian Dream will have components of their other successful tourist destinations, but in this global destination, guests will experience them all in a safe indoor environment all combined in one place under one roof.”
About Al Akaria Saudi Real Estate Co.
Al Akaria Saudi Real Estate Company is a leading real estate developer in Saudi Arabia and one of the largest publicly listed developers in the Kingdom, trading on the Saudi Stock Exchange as the Saudi Real Estate Co.
Founded in 1976 by a Royal Decree, The Saudi Real Estate Co. is partially owned by the government of Saudi Arabia through the Public Investment Fund (PIF) with 65% and the Public Pension Agency (PPA) 5%. From its headquarters in the capital city of Riyadh, the company offers an integrated, full-service approach to real estate development, encompassing finance, design, construction, facility and property management.
The company has worked on more than 32 residential, retail and commercial projects. These include many real estate projects in Saudi Arabia, such as Akaria 1, the first commercial centre in the Middle East, the Olaya Akaria Residential Complex, the first closed residential complex in Saudi Arabia and The Plaza, the first smart building in Saudi Arabia. Al Akaria Saudi Real Estate Co. aims to become a flag bearer for the Kingdom’s Vision 2030 by developing new and innovative model communities within the Kingdom and abroad.
For more information, please visit our website: www.al-akaria.com
About Triple Five:
Triple Five® Worldwide is a multinational diversified conglomerate, development and finance corporation with offices in major U.S., Canadian and global cities.
Triple Five® Worldwide Group of Companies has developed, owns and manages the world’s first, second and third largest tourism, retail and entertainment complexes of its kind; West Edmonton Mall® in Canada, Mall of America® in the United States and American Dream™ in Metropolitan New York. These three projects will attract over 112 million visitors annually.
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© Press Release 2019