Thursday 21 November 2019
 
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HITECH MIXED-USE PROJECT

Officials at the signing ceremony in Riyadh.

Saudi's Al Akaria, Triple Five to build $5bn entertainment centre

RIYADH, 21 days ago

Al Akaria Saudi Real Estate Company, one of the largest publicly listed real estate developers on the Saudi stock exchange (Tadawul), is collaborating with Arabian Dream KSA, principally owned by Triple Five Worldwide, to develop the world’s largest mixed-use entertainment and shopping centre development of its kind at Akaria’s Al Widyan site in Riyadh. 
 
Triple Five Worldwide is the owner and developer of the three biggest retail and entertainment centres in North America – Mall of America, American Dream and West Edmonton Mall,
 
The new destination, which is estimated to cost $5 billion will boast major theme parks, water parks, recreational and sports facilities, retail dining, shopping centres and hospitality components, coupled with the latest artificial intelligence (AI) technology to create a truly different visiting experience for all its visitors. 
 
This is in line with the Saudi Arabia Vision 2030, which aims at creating partnerships between local and international players to bring best-in-class partners in the world to the kingdom, said the statement from Al Akaria.
 
The development is located within the Al Widyan masterplan which is 100 per cent owned and being developed by Al Akaria. Spread over 7 million sq m, the Al Widyan masterplan is being designed and developed as a fully-integrated mixed-use development and leisure destination based on the principles of wellness and quality of life and incorporating a blend of carefully planned lifestyle, commercial and entertainment districts and clusters. 
 
Phase One of the Al Widyan project is likely to be ready in the first half of 2020, said a top official.
 
"We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at our Al Widyan project site," remarked Aiman Mudaifer, the chairman of Saudi Real Estate Company.
 
"With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia," he stated. 
 
"Through this project, we are also proud to play an active role in contributing towards Saudi Arabia’s Vision 2030," he added.
 
Saudi Real Estate Company CEO Kelvin Kwok said: "Al Widyan is the largest project in our portfolio. This collaboration with Arabian Dream aims to bring a unique leisure and entertainment experience to its residents, visitors and tourists."
 
"This project is a testament of Al Akaria’s ambition to deliver world class developments," he noted.
 
Triple Five VP and Arabian Dream CEO Jason Lucas said: "Arabian Dream will have components of their other successful tourist destinations, but in this global destination, guests will experience them all in a safe indoor environment all combined in one place under one roof."
 
A major Saudi developer, Al Akaria has worked on more than 32 residential, retail and commercial projects.
 
These include many real estate projects in Saudi Arabia, such as Akaria 1, the first commercial centre in the Middle East, the Olaya Akaria Residential Complex, the first closed residential complex in Saudi Arabia and The Plaza, the first smart building in Saudi Arabia.-TradeArabia News Service   



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