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Al Akaria Saudi Real Estate Company, a Saudi Stock Exchange (Tadawul)-listed real estate developer, has announced an initial collaboration with Arabian Dream KSA, principally owned by Triple Five Worldwide, to develop the world’s largest mixed-use entertainment and shopping centre development of its kind at Akaria’s Al Widyan site in Riyadh. Triple Five Worldwide is the owner and developer of the three biggest retail and entertainment centres in North America – Mall of America, American Dream and West Edmonton Mall.
The project will be spread over 7 million sq m and is estimated to cost USD 5 billion to develop. The new destination will comprise theme parks, water parks, recreational and sports facilities, retail dining, shopping centres and hospitality components, along with the latest artificial intelligence technology to provide a different experience to visitors.
The project, the first phase of which is expected to launch in the first half of 2020, is aligned with the Saudi Arabia Vision 2030, which aims at creating partnerships between local and international players to bring best-in-class partners in the world to the Kingdom.
Speaking on the announcement, Aiman Mudaifer, Chairman of Saudi Real Estate Company, said, “We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at our Al Widyan project site. With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia.”
Jason Lucas, Vice President of Triple Five and Chief Executive Officer of Arabian Dream said, “Arabian Dream will have components of their other successful tourist destinations, but in this global destination, guests will experience them all in a safe indoor environment all combined in one place under one roof.”
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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