Majid Al Futtaim to Launch Projects Worth SAR 19.5 Billion in Riyadh
Majid Al Futtaim Properties has announced plans to invest up to SAR 19.5 billion in two new real estate projects in Riyadh, as part of the group's broader expansion in Saudi Arabia. According to CEO Ahmed El-Shamy, the larger of the two Riyadh-based developments will see investments ranging between SAR 15 and 17.5 billion, while the second, smaller-scale project is valued at approximately SAR 2 billion.
Majid Al Futtaim currently operates several flagship properties in Egypt, including Mall of Egypt and City Centre Almaza, and has indicated plans to further scale its presence in the country.
In the UAE, the group's existing portfolio continues to perform strongly, with its Dubai malls drawing approximately 3.8 million visitors per month, according to El-Shamy. These developments underscore Majid Al Futtaim's ongoing strategy to solidify its presence across the region through large-scale, consumer-driven projects.
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