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· Imminent start with SAR 200 Million renovation of Al Faisaliah Mall
· Al Faisaliah Mall set to transform the future of retail in the Kingdom
Riyadh - Al Khozama Management Company announces the appointment of Salini Impregilo - one of the largest global contractors - in the landmark SAR 1.1 Billion Al Faisaliah District renovation contract to upgrade Al Khozama’s retail, hospitality and commercial assets commencing with the renewal of the iconic Al Faisaliah Mall.
The contract – named the Al Faisaliah District Redevelopment Project – starts with a SAR 200 Million refurbishment of the renowned Al Faisaliah Mall, home to some of the world’s leading designer brands. The remaining SAR 900 million will be purposed to demolish the adjacent Seyahiah and Al Khozama Centre buildings paving the way for the construction of the mall’s new luxury extension, the new modern lavish five-star Al Khozama Hotel and generous inteligiant subterranean parking systems.
This announcement marks another strategic step forward for Al Khozama in realizing its renewed vision to be the leading thinker, developer, creator and manager of luxury properties in Saudi Arabia and beyond.
“We are very excited to begin this substantial Redevelopment project with the introduction of the innovative designs of the new Al Faisaliah Mall to the Riyadh retail landscape” expressed Mr. Abdulaziz S Al Habib, President and CEO of Al Khozama Management Company. Adding “we come from a proud legacy of leaders and innovators in property development, tourism and hospitality. We, as much as our stakeholders, aim to continually raise the standards of the luxury retail, commercial and hospitality industry and we believe that with the new Redevelopment of the Al Faisaliah District, we will accomplish that. Salini Impregilo is a globally renowned name in the construction sector and we are delighted to be working with them to help us deliver on our promise.”
This significant and exciting development brings together the expertise of the Kingdom’s leading property management company and the specialism of the leading international construction and infrastructure group with the purpose of shaping the future of retail, hospitality and commercial real estate both domestically and regionally.
Reflecting the world’s highest architectural standards and lifestyle trends, the new Al Faisaliah Mall extension will create the longest street retail façade in Riyadh and together with the new five-star Al Khozama Hotel will ensure the strongest presence on Olaya Road within the central business district.
Al Faisaliah Mall has been and remains the beacon of the Kingdom’s retail industry’s modernization, bringing exclusive, luxury and premium global brands under one roof, and creating an unprecedented retail experience in the Kingdom.
Designed by award winning architects Gensler, the redevelopment plans for the mall promises a larger and richer luxury shopping experience adding over 16,000 SQM of high tech, contemporary and interactive retail spaces for shoppers and tenants alike.
The new Al Faisaliah Mall will see a significant overhaul and expansion of the current mall’s internal and external space. The overall project timeline is estimated to take three years to complete. From this total, the retail mall will be remodeled and upgraded over phases spanning a sixteen month time period. Renovations will start at the mall’s Olaya Road entrance and a gradual demolition of the Seyahiah building on Olaya Road will also take place. Importantly, throughout the duration of works, the mall will remain operational.
Commenting on this announcement Pietro Salini, CEO of Salini Impregilo stated; “We are honored to be awarded this contract. Our aspiration as a global organization is to develop projects that serve as a catalyst for growth in their respective communities and contribute to the economic and social development of those communities. The Al Faisaliah Mall renovation and the overall Al Faisaliah District Redevelopment project is representative of the kind of projects that inspire our continued passion for excellence.”
Salini Impregilo, a multibillion dollar group, has a number of live projects in the Kingdom and the region including the Riyadh Metro. The group is leading the New Mobility (ANM) consortium for the ArRiyadh Metro project; awarded with the development of the longest Riyadh Metro line covering 41,6 kms in length.
There will be other parties involved in this project with Salini Impregilo holding a primary position in this project.
Al Habib closed by stating “The new Al Faisaliah District Redevelopment designs offer a fresh perspective on the future of retail, hospitality and lifestyle experiences, and we see Salini as the right partner to deliver the construction of this project given the depth of their experience locally and globally in building iconic properties. We are confident that they will deliver an exceptional outcome.“
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© Press Release 2017
