Majid Al Futtaim will invest SR14 billion ($3.73 billion) building two malls in Saudi Arabia's capital Riyadh, the Dubai-based company said.
The 300,000-sq-m Mall of Saudi, which privately-held Majid Al Futtaim said would be the kingdom's largest, will include shops, restaurants, entertainment, offices, hotels and residential units, plus Saudi's first indoor ski slope.
Work will start in mid-2017, with the first phase of the mall to be completed by 2022, the company said at a launch event in Riyadh.
The second mall -- the 100,000-sq-m City Centre Ishbiliyah in the eastern part of the capital -- will include 250 shops. Majid Al Futtaim did not specify its construction timetable.
The company, which rivals Emaar Malls as Dubai's top mall operator, last week reported an 8 per cent rise in annual revenue. It did not disclose net profit. - Reuters
Majid Al Futtaim to open two malls in Riyadh
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