01 December 2019

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 to develop the world’s largest mixed-use entertainment and shopping centre development of its kind at Akaria’s Al Widyan site in Riyadh.

 Arabian Dream KSA is principally owned by Triple Five Worldwide, 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 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 Al Akaria.

“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. 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.”

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.   

• King launches $17bn Diriyah Gate Project
• Virgin Hyperloop One partners with KAUST
• Al Akaria, Triple Five to build $5bn leisure centre
• H+A Global to design Jeddah wellness project
• Red Sea awards key transport links deals

Tags

Riyadh Plastics Scaffolding & Formwork Transport Bathrooms Environment Expo 2020 Countdown Regional News Saudi Focus UAE Focus Events Legally Bound Real Estate Contractors Interiors Tenders Manufacturers & Procurement

Gulf Construction is the undisputed leading trade journal for the building and construction industries of Saudi Arabia and the other Gulf states. The magazine provides editorial coverage on a wide range of topics which are of interest to industry professionals. In addition, regular features highlight technological developments within specific industry fields. Launched 40 years ago, the magazine has established an enviable reputation as an authoritative, respected journal with unmatched coverage of the Gulf region. Gulf Construction is essential reading for anyone with a serious interest in the region’s building and construction industry.