15-04-2025
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.
