Majid Al Futtaim group has announced £2.5bn plans to develop two new luxury shopping malls in Riyadh, Saudi Arabia.
In north Riyadh the group will create the Mall of Saudi which will cover more than 866,000 square metres and will include one of the world’s largest indoor snow parks.
The plan includes 300,000 square metres of shops, restaurants and entertainment areas as well as residential units, offices, show rooms and luxury hotels.
The first phase of development is set to start in mid-2017 and be completed by 2022 and will include the main mall, a ski slope, a hotel and a serviced apartment building.
Future phases will create more residential, office, and hotel plots as well as a medical centre.
Meanwhile in east Riyadh the company plans to build City Centre Ishbiliyah - Saudi Arabia’s first city centre mall.
It will cover over 100,000 square metres and will feature 250 stores, a 9,000 square metre Carrefour hypermarket, a food court and an entertainment complex.
The sites will bring the number of malls owned by the company across the MENA region to more than 20.
Alain Bejjani, Chief Executive Officer, Majid Al Futtaim said the malls would create more than 10,000 jobs.