Latest news with #AhmedAlShamy
Zawya
15-04-2025
- Business
- Zawya
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) (
Argaam
15-04-2025
- Business
- Argaam
Majid Al Futtaim Properties to launch SAR 17.5B project in Riyadh
Majid Al Futtaim Properties plans to develop a major mixed-use project in Riyadh, covering 850,000 square meters, with investments totaling SAR 17.5 billion, CEO Ahmed Al Shamy told Al Arabiya. The company finalized the full land acquisition after paying the final $100 million installment last year, Al Shamy said. The development will include residential, commercial, office, and entertainment components. Engineering designs are in progress, with the launch and construction scheduled to start early next year, he added. Al Shamy noted that Saudi Arabia's gross domestic product (GDP) now exceeds $1.5 trillion, twice that of the UAE, making it a strong and attractive market for long-term real estate investment.
