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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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Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing
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