Majid Al Futtaim Properties Plans $4.7 Billion Mega Project in Riyadh
Deal News | Apr 15, 2025 | Zawya
Dubai's Majid Al Futtaim Properties is set to develop a massive mixed-use project in Riyadh, Saudi Arabia, with an investment of $4.7 billion. The project's blueprint is in progress and construction is slated to commence in early 2026. CEO Ahmed Al Shamy disclosed that a final $100 million payment was made in 2024 to secure land ownership. The project will span 850,000 square meters and include commercial, residential, administrative, and entertainment facilities. Saudi Arabia's burgeoning market, characterized by a GDP surpassing $1.5 trillion, presents a lucrative opportunity for long-term growth.
Sectors
- Real Estate Development
- Mixed-use Development
Geography
- Saudi Arabia – The project is located in Riyadh, the capital of Saudi Arabia, and represents significant investment interests in this geography.
- United Arab Emirates – Majid Al Futtaim Properties is based in Dubai, UAE, indicating cross-border commercial activities within the region.
Industry
- Real Estate Development – Majid Al Futtaim Properties is involved in a large-scale real estate development project in Riyadh, indicative of the sector's growing prospects in the Middle East.
- Mixed-use Development – The project involves the creation of commercial, residential, administrative, and entertainment areas, emblematic of mixed-use development efforts.
Financials
- $4.7 billion – Total investment for the Riyadh project.
- $100 million – Final payment made in 2024 to complete land ownership for the project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Majid Al Futtaim Properties | Developer | Company | A real estate development firm based in Dubai, spearheading a substantial mixed-use project in Riyadh. |
| Ahmed Al Shamy | CEO | Person | CEO of Majid Al Futtaim Properties, overseeing the Riyadh project. |
| Anoop Menon | Editor | Person | Editor involved in the reporting of the press release. |