By Bernd Debusmann Jr
The new destination is expected to cost $5 billion and will include major theme parks, water parks, recreational facilities, dining and hospitality components
Al Akaria Saudi Real Estate Company and Triple Five Worldwide-owned Arabian Dream KSA are teaming up to develop what they say is the world’s largest mixed use entertainment and shopping centre development.
Triple Five is the owner and developer of three of the largest retail and entertainment centres in North America: Mall of America, American Dream and West Edmonton Mall.
The new destination is expected to cost $5 billion and will include major theme parks, water parks, recreational facilities, dining and hospitality components, all coupled with the latest artificial intelligence (AI) technologies.
The development will be located within Al Widyan’s 7 million sq m masterplan, which is being built as a mixed-use development and leisure destination. The first phase of the project is expected to be completed in the first half of next year.
“We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at Al Widyan project site,” said Saudi Real Estate Company chairman Aiman Mudaifer.
“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 Arabian,’ he added. “Through this project, we are also proud to play an active role in contributing towards Saudi Arabia’s Vision 2030.”
To date, Al Akaria has worked on over 32 residential, retail and commercial projects.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.