MAF to build Saudi malls

MAF Shopping Malls, a Dubai-based developer has joined forces with the Al Ghazzawi Group to build shopping malls and mixed-use properties across Saudi Arabia.

Key initiatives include the launch of the City Centre brand, the company said in a statement. The first project, Jedda Riviera Mall will be completed by 2010 at a cost of SAR 1.1 billion.

"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."

Retail expenditure in Saudi is expected to rise to $100 billion in the next ten years, the Dreverman said. “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” he added.

Jeddah Riviera Mall will span more than 100,000 square meters (GLA) and house over 300 retail outlets including MAF Hypermarkets, Carrefour and other key anchor stores, the statement said.

READERS' COMMENTS

MORE FROM ARABIANBUSINESS.COM