Staff Writer

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) (anoop.menon@lseg.com)

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