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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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Attias to Asharq Al-Awsat: Riyadh Provides International Platform Shaping Global Economic Trends

FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)
FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)
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Attias to Asharq Al-Awsat: Riyadh Provides International Platform Shaping Global Economic Trends

FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)
FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)

Richard Attias, CEO of the Future Investment Initiative (FII) Institute, said the upcoming 8th edition of the Future Investment Conference, which will be held in Riyadh at the end of October, will serve as an international platform to set economic trends amid the current geopolitical tensions.

He emphasized that the event contributes to achieving sustainable development goals and enhances Saudi Arabia’s position as a regional and global economic hub, reflecting its commitment to attracting foreign investments and fostering global cooperation.

Attias’ comments came during a pre-conference press event organized by the Saudi Press Agency (SPA) to unveil details of the 8th edition of the Future Investment Initiative, taking place from Oct. 29-31 under the theme, “Infinite Horizon: Investing Today, Shaping Tomorrow.”

He revealed that this year’s conference will feature international trade and investment deals valued at $28 billion, while the total value of deals across the previous seven editions reached approximately $128 billion. These agreements will positively impact job creation and the growth of vital sectors.

The conference will include 180 panel discussions featuring 600 speakers, who will address topics such as food security, global energy, cybersecurity, entertainment, and other significant issues.

This year’s event will see a 20% increase in attendance from business leaders and investors from around the world compared to the previous edition, reflecting the importance of the topics being discussed and the opportunity to exchange expertise and knowledge, Attias said.

Significant steps were taken during the previous conference regarding investment in artificial intelligence (AI) for the benefit of society, he went on to say. Several initiatives were introduced aimed at regulating the use of these technologies and steering them toward positive outcomes.

The conference’s objectives include accelerating the adoption of AI, with new initiatives expected to be launched to promote the use of AI in various sectors, particularly healthcare, he continued. The event will also focus on building global partnerships, bringing together world leaders and decision-makers to discuss the challenges and opportunities presented by AI and to form partnerships that enhance international cooperation, he underlined.

Investing in AI significantly contributes to reshaping the economic landscape. This platform fosters dialogue and knowledge exchange between governments and private companies, helping to address shared challenges and boost economic cooperation, Attias remarked.

He also emphasized that the FII Institute is driving change, providing a platform for sharing ideas and taking action. The institute operates on a membership basis and is open to all, including entrepreneurs and talented youth, to promote inclusivity.

Regarding membership and attendance, Attias explained that the current edition has registered 7,000 participants, including 1,200 pre-selected members. Additionally, 3,000 seats have been allocated for strategic partners, including global companies that support the institute’s vision and play a crucial role in backing initiatives aimed at driving positive global change.