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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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Business

Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.

Business

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.

Business

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.