The CEO of Majid Al Futtaim Holding, Alain Bejjani, said that the company will start construction work in the Mall of Saudi Arabia tomorrow, with an investment of 16 billion riyals.
Bejjani added in an interview with “Al Arabiya” on the sidelines of the Future Investment Initiative: “We are approaching a new investment, which is (Mall of Saudi Arabia) with an investment value of 16 billion riyals to be implemented over the next 4 years,” and it is one of the largest private sector investments inside the Kingdom in this field. (Malls and major shopping centers).
Bejjani mentioned that “Majid Al Futtaim” It has been in the Saudi market for more than 20 years, and we consider the Saudi market to be the natural market. The company’s investments currently amount to 4.6 billion riyals in the Saudi market.
He pointed out that the Mall of Saudi Arabia will be a great addition to the retail sector, not only in Saudi Arabia, but in the world as a whole, explaining that it is one of the few malls in the world, which is considered a leap in the retail industry.
And Bejjani continued: “Majid Al Futtaim is investing in delivery centers using robotic technology, and we finished our first center in Jeddah in May 2021, and we have other centers that we will establish throughout Saudi Arabia.”
The CEO of Majid Al Futtaim stressed that Saudi Arabia is the number one market in the region, even during the recovery period, adding: “We are persevering in our investments inside the Kingdom.”
He pointed out that the first period after opening the economy, there was a recovery in consumption relatively fast, and this is normal because the markets are returning from very low levels, and last summer witnessed a great demand for re-consumption.
Bejjani revealed that the retail sector in Dubai in the third quarter of this year exceeded the levels of 2019, stressing that the recovery in the retail sector is faster than the general recovery in other sectors.
He stated that the pace of Saudi recovery is witnessing a sustainable improvement, and the same improvement in some other markets such as Egypt, noting that the Egyptian market was the best economically performing at the level of the retail sector during 2020.
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