Dubai's Majid Al Futtaim Properties to launch $4.7bn mega project in Riyadh: Report
The property development arm of Dubai-based Majid Al Futtaim is planning to build a mega mixed-use project in Riyadh with investments of 17.5 billion Saudi riyals ($4.7 billion), according to a news report.
The project's engineering designs are underway, with the tender and construction work scheduled to start in early 2026, Majid Al Futtaim Properties' CEO Ahmed Al Shamy told Al Arabiya TV.
The final installment of $100 million was paid in 2024 to complete land ownership, he said.
The project will cover an area of 850,000 square metres (sqm), with commercial, residential, administration and entertainment facilities.
Saudi Arabia is an attractive market in the long run as its GDP exceeds $1.5 trillion, Shamy said.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
21 minutes ago
- Khaleej Times
Dubai: Man who won $1 million in Duty Free draw 'unreachable'
A Bahraini has won a million dollars at the latest Dubai Duty Free Millennium Millionaire and Finest Surprise draw. Mohamed Tareq Mohamed Akbar, a Bahrain national based in Manama, became the new dollar millionaire at the lucky draw held today at Dubai International Airport. However, the happy news has not reached the winner yet, as Akbar, who is the 4th Bahraini national to have won $1 million in the Millennium Millionaire promotion since 1999, is currently uncontactable. Following the Millennium Millionaire draw, the Finest Surprise draw was conducted for two luxury cars and motorbikes. Luxury cars for Dubai residents Agop Kazanjian, a 45-year-old Armenian national based in Dubai won a Mercedes Benz S500 (Selenite Grey Metallic) car in the Finest Surprise Series 1924. Stay up to date with the latest news. Follow KT on WhatsApp Channels. A regular participant in Dubai Duty Free's promotion for 11 years now, Kazanjian is a father of two and works as a plant manager for a food manufacturing company. "Finally, I'm very happy that I have won! Thank you Dubai Duty Free,' he said. Meanwhile, Stefan Terry, a 44-year-old British national based in Dubai won a Range Rover SE P360 (Ostuni Pearl White) car. A resident of Dubai for 20 years, Terry has been a regular participant in Dubai Duty Free's promotion for 5 years now. He is a father of two and works as a managing director for an investment firm. "Thank you so much Dubai Duty Free. This is absolutely unbelievable!" he said. Mohannad Abu Arja, a 41-year-old Jordanian national based in Dubai won an Aprilia Tuono V4 Factory 1100 (Black/Red) motorbike in the Finest Surprise draw. A regular participant in Dubai Duty Free's promotion for 5 years now, Abu Arja is a father of two and works as an IT project manager for a commercial bank. "Thank you Dubai Duty Free. I'm very thankful for this win,' he said. Lastly, Muhammad Atif, a 23-year-old Pakistani national based in Hail, Saudi Arabia won a BMW F 900 GS Adventure (Black Storm Metallic) motorbike. A first-time ticket buyer, Mr. Atif is a father of one and works as a family driver. "I'm so lucky to win with my first ever ticket to Dubai Duty Free promotion,' he said.
Arabian Business
23 minutes ago
- Arabian Business
Dubai real estate: H&H launches Eden House Za'abeel residential development in DIFC
H&H has announced the launch of Eden House Za'abeel, a residential project located in Dubai International Financial Centre (DIFC). The development represents the expansion of the company's Eden House brand portfolio within Dubai's property market. The project, conceptualised by DXB Lab and Tristan Auer, comprises one-, two-, and three-bedroom apartments alongside penthouses. The penthouses feature wrap-around balconies and spacious layouts. H&H expands Eden House portfolio Eden House Za'abeel includes wellness facilities such as a wellness courtyard, indoor wellness lounge, fitness facility, movement studio, and spa suite with sauna and steam room. Community amenities encompass a residents' lounge, multiple courtyards, food and beverage venues, café, outdoor and indoor swimming pools, and a business suite. Miltos Bosinis, CEO of H&H, said: 'The launch of Eden House Za'abeel in DIFC reflects our commitment to excellence through exceptional design and meticulous craftsmanship. Our latest addition to the Eden House portfolio, located between Za'abeel and DIFC, is an extension of the brand's growing property portfolio in Dubai. With easy access to global financial institutions, fine dining, retail outlets, and other cultural attractions, the project functions as an integral hub for the local community. We also commend the shared vision of DXB Lab and Tristan Auer, whose collaboration refined the structure into an ideal setting that offers residents a serene and sophisticated living experience.' The development's main entrance sits on the Za'abeel side, providing access whilst maintaining privacy from Dubai's business district activity. The location positions residents within DIFC's financial and commercial hub. The design incorporates curvilinear elements inspired by the site's native Ghaf groves, which form part of the development's landscape scheme. Features include a textured concrete façade, cascading greenery, and a grid of balconies with curved handrails. Interior design by Tristan Auer combines forms with ornamental details. H&H operates across Dubai's property sector, delivering residential, hospitality, commercial, and retail projects. The company positions itself as a developer of turnkey developments within Dubai's market. The Eden House brand represents H&H's approach to residential development, with the Za'abeel project marking the brand's continued expansion within DIFC's residential market. The district offers limited residential options within Dubai's financial centre. The project aims to serve both DIFC's professional community and residents seeking proximity to Dubai's financial and business districts, whilst providing access to the area's dining, retail, and cultural facilities.
Zawya
40 minutes ago
- Zawya
Imdaad and InterWater collaborate on cutting-edge water treatment project in Dubai
Dubai, UAE – Imdaad, a Dubai-based group of companies providing integrated, sustainable Facilities Management (FM) services to enhance the operational efficiencies of physical assets, has signed a new three-year contract with InterWater International LLC (InterWater) for the development of an innovative Reverse Osmosis (RO) water management project. This marks Imdaad's third collaboration with InterWater, a leading provider of mobile water and wastewater treatment solutions in the UAE and GCC since 2006. The signing ceremony, which took place at Imdaad corporate office was attended by Mahmood Rasheed, Chief Operating Officer of Imdaad and Michael Harrison, Managing Director of InterWater, along with representatives from both sides. Under the terms of the agreement, InterWater will construct Treated Sewage Effluent (TSE) Polishing Reverse Osmosis facilities across Imdaad's Sewage Treatment Plants (STPs) with a capacity of around 3,000 CMD. (3,000,000 liters per day, 1.1 billion liters per year). The treated water will be utilized across various industries, including district cooling plants and the construction sector, and reduce reliance upon potable water sources. Imdaad will supply the required TSE on a regular basis, while also monitoring daily RO water production. For its part, Interwater will supply and operate its Mobile Containerized UF and RO technology, and provide operational manpower to the TSE plants, with dedicated personnel available around the clock. Commenting on the agreement, Mahmood Rasheed, Chief Operating Officer of Imdaad, said: 'This project marks a significant milestone in our two-year partnership with InterWater. Together, we have helped set new standards for water security, sustainability, and environmental stewardship across our industry. We are grateful for the strong foundation of trust we have built with InterWater, and look forward to providing world-class, sustainable services that will positively impact the UAE's environment.' Integrating TSE polishing RO plants into existing water management strategies provides high-quality water for industrial, construction and cooling tower purposes, reducing the need for desalination. Furthermore, by offering an alternative to conventional water sources, TSE polishing RO plants reduce the overall carbon footprint associated with water supply and wastewater management. With the wastewater recycling plants totaling 3,000 m3/day capacity, this project is expected to reduce the net carbon footprint by a total of over 4000 tons of carbon annually, the equivalent of planting as many as 20,000 trees each year. These innovative, green technologies are crucial to the long-term sustainability of the water management industry across the GCC region, and the Dubai vision to achieve a 50% reduction in carbon emissions by 2030. About Imdaad: Imdaad is a Dubai-based group of companies that provides integrated, sustainable facilities management services that enhance operational efficiencies of physical assets. Established in 1987, the company was later rebranded as Imdaad in 2007. The FM major's suite of complete turnkey solutions includes Integrated FM, Hard FM, and Home-Pro, as well as Environmental Services such as solid waste and wastewater management and power rentals. In addition, Imdaad's intelligent platform for facilities management, Imtedaad, provides real-time insights on the performance and trends of interconnected assets and ecosystems to offer recommendations for predictive maintenance and corrective actions. Headquartered in Dubai, Imdaad's regional presence today includes site offices, branches and joint ventures across the UAE, Oman and Egypt. Owing to its personalized business model that is based on providing cost-effective and sustainable services, Imdaad has grown to become the partner of choice for customers in a variety of industries. The company's multi-cultural workforce comprises more than 11,000 employees, representing over 45 nationalities. For more information, please visit
