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Al Futtaim Group to build largest shopping centre in Saudi Arabia



The Al Futtaim Group is one of the largest conglomerates in the UAE. 
It has signed a deal to erect the largest shopping centre in Saudi Arabia as it looks to gain a foothold in the Saudi retail market. The developer is set to use its Festival City concept to build a 6 billion riyal mall west of Riyadh, in the Al Diriyah district. The 250000m² mall will include a luxury 500-room hotel, serviced apartments and Ikea as the anchor store. It will be situated about five kilometres from King Saud University and about 10 kilometres from the King Abdullah Financial District.

The developer has acquired all the necessary permits and construction is due to commence in the coming weeks. Al Futtaim will provide the investment and management to allow for building and operating the mall. There may be difficulty ahead for the developer as regards the first phase, the Ikea store, to be completed within the tight one year schedule, due to the clampdown on illegal workers by the government. About one million foreign workers left the kingdom during March to November last year after the enforcement of work permit rules.

More about shopping malls in the United Arab Emirates



TODAY, Hong Kong:
The opening of the North Face flagship in Hong Kong is the first tangible sign of a market recovery in the country.
YESTERDAY, USA:
The new store opens on the grounds of The Grove mall in Los Angeles.
DAY BEFORE YESTERDAY, Sweden:
In Elmhurst, Sweden, a man named Bengt has returned IKEA furniture that was manufactured almost 60 years ago.
DAY BEFORE YESTERDAY, USA:
On Thanksgiving, the U.S. retail foot traffic dropped more than 90 percent.
Nov 28, 2021, Philippines:
The new five-story IKEA store is located in Pasay, an urbanized suburb of Manila.
Nov 28, 2021, Australia:
The virtual site was created so that customers could "touch" and explore the brand's products.
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