Dubai-based developer Majid Al-Futtaim (MAF) has revealed plans to develop a mixed-use project in Riyadh at an estimated cost of about $4.6bn. The development will cover an area of 850,000 square metres (sq m) and will include residential, commercial, office and entertainment elements. "The engineering designs are in progress, with the launch and construction scheduled to start early next year," the reports said, citing Ahmed Al-Shamy, CEO of MAF Properties. In 2021, MAF had plans to build an estimated $1.6bn Mall of Saudi project in Riyadh, which was subsequently put on hold in 2023. The project had been moving towards construction as MAF selected a joint venture (JV) of the local El-Seif Engineering Contracting Company and Dubai-based Alec for pre-construction work on the project in mid-2022. The plan was to then appoint the JV as the main contractor for the project. US-based Aecom was providing consultancy services and UK-based Mace was appointed to provide planning, construction, commercial and control management for the project The decision to put the Mall of Saudi project on hold came at a time of change for MAF following the death of its founder Majid Al-Futtaim in December 2021. At the time, the Mall of Saudi project was expected to be one of the largest in the region, with over 600 stores with a gross leasable area of 300,000 sq m. The mall was originally planned to include the largest ski slope and snow park in the Middle East, but these plans were later changed as MAF considered alternative entertainment offerings. The Mall of Saudi was a component of the estimated $4.3bn Riyadh North masterplanned development, which also included nine hotels and branded residences with a total of 2,000 keys. (ICE RIYADH)

Fonte notizia: Meed