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Majid Al Futtaim Appoints Mace to Handle Delivery of ‘Riyadh North’ Project

Mace will oversee planning, construction, commercial, and control management of the development, which spans nearly 1 million square meters of built-up-area. (Supplied)
Mace will oversee planning, construction, commercial, and control management of the development, which spans nearly 1 million square meters of built-up-area. (Supplied)
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Majid Al Futtaim Appoints Mace to Handle Delivery of ‘Riyadh North’ Project

Mace will oversee planning, construction, commercial, and control management of the development, which spans nearly 1 million square meters of built-up-area. (Supplied)
Mace will oversee planning, construction, commercial, and control management of the development, which spans nearly 1 million square meters of built-up-area. (Supplied)

Majid Al Futtaim has appointed global consultancy and construction company Mace, to support the delivery of its Riyadh North development, including the integrated lifestyle destination, Mall of Saudi.

Reinforcing its commitment to the Kingdom and its contribution to Vision 2030, Majid Al Futtaim’s Riyadh North development is the fastest growing zone in the city and is already gathering pace.

Mace, which was appointed following a competitive regional tender process, has already mobilized its team and will oversee the entire Riyadh North development spanning nearly one million square meters of built-up area, including planning, construction, commercial and control management for the duration of the contract.

The $4.2 billion (SAR16 billion) master-planned Riyadh North project and Mall of Saudi is expected to house over 600 retail stores across a 300,000 m2 gross leasable area, nine hotels and branded residences with 2,000 keys, and Ski Saudi – the largest indoor ski slope and snow park in the Middle East.

Majid Al Futtaim’s Saudi project, which is expected to create more than 114,000 direct and indirect jobs once completed, covers nearly one million square meters of built-up area.

“The appointment of Mace as our project delivery partner marks an exciting step in our journey to bring Majid Al Futtaim’s Riyadh North development, including our anchor retail offering, Mall of Saudi, to the city,” said Ahmed Galal Ismail, CEO of Majid Al Futtaim – Properties.

The UAE-based conglomerate looks to break ground for the project later this year.

Saudi Arabia is already home to the largest retail market in the Gulf region, he added.

Jason Millett, CEO for Consultancy, Mace, said: “Mace’s consultancy business is growing rapidly in Saudi Arabia on the back of our extensive retail expertise. Supporting the delivery of Riyadh North and Mall of Saudi is an exciting step forward as we continue to push the boundaries on major program - and project delivery in the region.”

Majid Al Futtaim had previously announced the appointment of lead design consultant AECOM for pre- and post-contract construction supervision for Mall of Saudi, which will also feature a flagship Carrefour hypermarket and 31 VOX Cinema screens, including the world’s largest IMAX, and a Magic Planet.

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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 
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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi Investment Forum 2025, held at the People’s Palace in Damascus. The event brought together top officials from both countries, including Syrian President Ahmad Al-Sharaa and Saudi Minister of Investment Khalid Al-Falih, along with over 120 Saudi investors and business leaders.

The forum marks the most significant Saudi economic delegation to visit Syria in over a decade, and comes amid a broader push by Damascus to attract regional and international investment to rebuild the war-torn country.

Speaking to Asharq Al-Awsat, Osama Qadi, Senior Advisor to Syria’s Ministry of Economy and Industry, described the forum as a turning point.

“Saudi Arabia is helping to write a new chapter in Syria’s economic history,” he said. “The Kingdom is not only a political and security partner, it will be remembered as the driving force behind what could become Syria’s economic miracle.”

Qadi said Saudi Arabia’s presence signaled deep trust in Syria’s post-conflict potential. “This initial delegation of over 120 Saudi business leaders is just the beginning,” he noted. “Minister Al-Falih has committed to encouraging investment not only from the Kingdom but from countries across the globe.”

According to Qadi, Saudi investments send a powerful signal to the international business community that Syria is stable and open for investment.

“The presence of Saudi capital builds trust,” he said. “It shows that Syria is safe, serious about reform, and prepared to welcome global partnerships.”

He emphasized that the large-scale destruction resulting from years of conflict has created opportunities in reconstruction, particularly for real estate developers, contractors, and urban planners.

In this context, he said: “The ruins can be rebuilt into a modern Syria... Before 2011, Syria already had widespread informal housing. Now, we have the opportunity to design cities with green spaces, modern infrastructure, and sustainable architecture - all while preserving local heritage.”

Qadi added that the Syrian government sees this as a chance to rebuild in line with global standards.

“Together with our partners, we can build a Syria of 2025, with smart cities, environmentally friendly construction, and livable communities for the next generation,” he underlined.

The timing of the forum, he noted, sends a strong political message to skeptics.

“Even as some areas of the country, like Sweida, remain unstable and US lawmakers debate the future of the Caesar Act sanctions, this forum shows that serious investors believe in Syria’s future,” he remarked.

Qadi expressed hope that Saudi engagement would trigger a ripple effect, saying: “Together with the Kingdom, we can attract the largest number of investors, companies, and projects. This will create jobs and help Syria become one of the region’s most attractive investment destinations.”

At a press conference Wednesday night, Syrian Minister of Information Hamza Al-Mustafa officially launched the forum under the auspices of the Supreme Council for Economic Development and in partnership with the Syrian Investment Agency. Al-Mustafa praised Saudi Arabia’s role as “a key player in the Arab regional order and a very important global actor.”

He also highlighted the strong historical and cultural ties between the two countries.

“Saudi Arabia holds a special place in the hearts of all Syrians. That’s why President Al-Sharaa’s first official visit abroad was to Riyadh. Syria received a warm welcome and a clear signal of Saudi commitment to our recovery,” the minister stated.

Al-Mustafa further said the forum reflects Syria’s readiness to turn the page.

“After decades of authoritarian rule and economic stagnation, Damascus is now presenting itself as a serious opportunity for investors. The soil is fertile, the environment is right, and we welcome all those who want to be part of Syria’s renewal,” he affirmed.