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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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Inflation in Saudi Arabia Reaches 1.7% in September amid Rising Housing Costs

Food and beverage prices rose by 0.8% (SPA)
Food and beverage prices rose by 0.8% (SPA)
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Inflation in Saudi Arabia Reaches 1.7% in September amid Rising Housing Costs

Food and beverage prices rose by 0.8% (SPA)
Food and beverage prices rose by 0.8% (SPA)

The inflation rate in Saudi Arabia recorded 1.7% in September on a year-on-year basis, rising from 1.6% in July, with housing rents once again acting as the main driver.

According to data from the General Authority for Statistics (GASTAT) released on Tuesday, housing rents overall increased by 11.2% in September, with apartment rental prices rising by 10%. This contributed to the overall increase in the housing, water, electricity, gas, and other fuel categories, which collectively jumped by 9.3%.

Rising rental prices have been the main driver of inflation in Saudi Arabia for most of this year. This comes as housing prices in the Kingdom are being fueled by limited property supply, alongside population growth and the influx of expatriates seeking housing in the Kingdom.

Food and beverage prices rose by 0.8%, while the restaurant and hotel sector increased by 1.7%, driven by a 1.5% rise in catering services. The education sector also saw a 1.6% increase, primarily due to a 3.8% rise in middle and secondary school tuition fees.

On the other hand, transport prices fell by 3.3%, benefiting from a 4.5% drop in vehicle purchase costs. Home furnishings and equipment prices decreased by 3.7%, influenced by a 7% decline in the prices of furniture and carpets, and a 3.2% drop in clothing and footwear.

On a monthly basis, inflation rose by 0.1%, driven by a 0.6% increase in housing, water, electricity, gas, and other fuel prices. Food and beverage prices increased by 0.3% compared to August, while transport prices fell by 0.4%.