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Dubai based conglomerate Majid Al Futtaim is expected to release the main tender for the construction of its $2.8 billion (10.5 billion Saudi riyals) Mall of Saudi project in Saudi capital Riyadh by the third quarter of 2018, according to a source close to the project.
“The detailed design is expected to be completed by mid-2018. The tender for the main construction work is expected to be released by third quarter 2018 and the main contractor is likely to be appointed by the end of the quarter," the source told Thomson Reuters Projects.
He said the project is scheduled to be completed in first quarter 2022.
Saudi Consolidated Engineering Company (Khatib & Alami) is the lead consultant, Linesight Saudi Arabia is the cost consultant and RTKL Saudi Arabia is the design consultant for the project, the source said.
Majid Al Futtaim unveiled the Mall of Saudi project in February 2016 as part of a 14 billion riyals ($3.5 billion) investment to develop two shopping malls in Riyadh. The project would be developed on a total land area of more than 866,000 square metres (sqm), the company said in a press statement. The first phase includes the mall, a ski slope, one hotel and serviced apartment building and general infrastructure. Future phases would include the development of the residential, office, medical centre and hotel plots.
The statement said that City Center Ishbiliyah in Riyadh will cover 100,000 sqm of gross leasable area and will feature 250 stores, a 9,000 sqm Carrefour hypermarket, a food court and an entertainment complex.
(Reporting by Senthil Palanisamy; Editing by Bhaskar Raj and Anoop Menon)
(anoop.menon@thomsonreuters.com)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2018
“The detailed design is expected to be completed by mid-2018. The tender for the main construction work is expected to be released by third quarter 2018 and the main contractor is likely to be appointed by the end of the quarter," the source told Thomson Reuters Projects.
He said the project is scheduled to be completed in first quarter 2022.
Saudi Consolidated Engineering Company (Khatib & Alami) is the lead consultant, Linesight Saudi Arabia is the cost consultant and RTKL Saudi Arabia is the design consultant for the project, the source said.
Majid Al Futtaim unveiled the Mall of Saudi project in February 2016 as part of a 14 billion riyals ($3.5 billion) investment to develop two shopping malls in Riyadh. The project would be developed on a total land area of more than 866,000 square metres (sqm), the company said in a press statement. The first phase includes the mall, a ski slope, one hotel and serviced apartment building and general infrastructure. Future phases would include the development of the residential, office, medical centre and hotel plots.
The statement said that City Center Ishbiliyah in Riyadh will cover 100,000 sqm of gross leasable area and will feature 250 stores, a 9,000 sqm Carrefour hypermarket, a food court and an entertainment complex.
(Reporting by Senthil Palanisamy; Editing by Bhaskar Raj and Anoop Menon)
(anoop.menon@thomsonreuters.com)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2018
