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Sat 16 Mar 2019 11:00 AM

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Saudi's SICO plans shopping malls expansion by 2025

Saudi Investment Company says opening of first phase of Quwaieyah Mall is part of expansion plan across the kingdom

Saudi's SICO plans shopping malls expansion by 2025
Saudi Investment Company has announced the opening the first phase of Quwaieyah Mall in Al Quwaieyah City.

Saudi Investment Company (SICO), a developer, owner and operator of shopping malls in Saudi Arabia, has announced the opening the first phase of Quwaieyah Mall in Al Quwaieyah City.

The launch is part of SICO's expansion strategy which aims to increase its mall numbers to 13 by 2025 across the Gulf kingdom, the company said in a statement.

It said it is currently developing five new shopping malls in the country that range in size from 30,000 sq m to 100,000 sq m.

The retailer said its gross leasable area (GLA) will double to 234,000 sq m once these malls are completed.

Located 170 kilometres west of Riyadh City on the Riyadh-Makkah Highway, Quwaieyah Mall will be the first stop point for travelers on Makkah Highway.

The $20 million Quwaieyah Mall will have a GLA of around 25,000 sq m, with 65 percent of space reserved for retail units, 20 percent for entertainment and 15 percent for food and beverage outlets.

The mall will host the first cinema theatre in Al Quwaieyah City, Sparky’s entertainment zone by AlHokair Group and will have an outdoor parking space for nearly 800 vehicles.

Upon the completion of the third phase, the mall will include a four-star hotel, in addition to a bazaar that will organise about 40 exhibitions to promote local entrepreneurs.

Fahad Alshathri, managing director of SICO, said: “We are delighted to open our ninth mall in Saudi Arabia. Visitors and shoppers will be greeted with an excellent mix of retail, entertainment and leisure facilities. Al Quwaieyah Mall is a fantastic destination for retailers seeking to build and further expand their brand in the Riyadh Region.”

Quwaieyah Mall will generate 450 job opportunities for Saudi men and women, Alshathri noted.

The kingdom's retail industry is currently worth $106 billion and is forecast to steadily rise to $119 billion by 2023, according to a recent Euromonitor International report.

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