Dubai’s Majid Al Futtaim to Launch Landmark Development Project $4.7 billion (SAR 17.5 Billion) in Riyadh

🔹 Highlights:

1. Mega Project Launch: Majid Al Futtaim Properties is launching a $4.7 billion (SAR 17.5 billion) mixed-use development in Riyadh.
2. Location Size: The project will span 850,000 square meters, featuring commercial, residential, administrative, and entertainment components.
3. Timeline: Engineering designs are underway, with tendering and construction to begin in early 2026.
4. Land Ownership Finalized: A final payment of $100 million was made in 2024 to complete land acquisition.
5. Strategic Vision: The project reflects the company's confidence in Saudi Arabia’s economic growth and urban development.
6. CEO's Statement: CEO Ahmed Al Shamy confirmed the investment and progress in an interview with Al Arabiya TV.
7. Market Potential: Saudi Arabia's GDP surpassing $1.5 trillion makes it a highly attractive market for long-term investments.
8. 
   
   

Dubai-based Majid Al Futtaim Properties is set to develop a massive $4.7 billion mixed-use project in Riyadh, covering 850,000 sqm. The project, which includes residential, commercial, administrative, and entertainment spaces, is scheduled to begin tendering and construction in early 2026. Final land acquisition was completed in 2024 with a $100 million payment. CEO Ahmed Al Shamy expressed confidence in the Saudi market, citing its robust economy with a GDP exceeding $1.5 trillion as a key driver for this strategic investment.