- SICO invests US$20 million to build the new mall in Al Quwaieyah City
- SICO to open five new shopping malls in KSA
- The company aims to increase its mall numbers to 13 by 2025 across Saudi Arabia.
Riyadh, 05 March 2019:
Saudi Investment Company (SICO), one of the leading developer, owner and operator of shopping malls in Saudi Arabia, announced the opening the first phase of Quwaieyah Mall in Al Quwaieyah City, the largest mall in the Riyadh Region.
Located 170 kilometers west of Riyadh City on the Riyadh-Makkah Highway, the sprawling 70,000 square meters (sqm) mall will be the first stop point for travelers on Makkah Highway.
The opening ceremony was attended by Musaed Al-Salem, the Governor of Al Quwaieyah Province, Fahad Alshathri, Chairman and Managing Director of SICO, Dr. Bandar Talaat Hamooh, the CEO of Panda Retail Company, Fahimul Islam & Mohammad Anas Abbasi from REDTAG, along with a number of government officials and the prominent figures from the Province.
The Quwaieyah Mall built using SR 75 million (US$20m) has been designed using state-of-the-art retail space concepts for ease of shopping and display and offers a strategic mix of retail, F&B, and entertainment option.
The mall will have a gross leasable area (GLA) of around 25,000 sqm, with 65 percent of space reserved for retail units, 20 percent for entertainment and 15 percent for food and beverage outlets. The mall will host the first cinema theatre in Al Quwaieyah City, Sparky’s entertainment zone by AlHokair Group and will have an outdoor parking space for nearly 800 vehicles.
Upon the completion of the third phase, the mall will include a 4-star hotel, in addition to a “bazaar” that will organise about 40 exhibitions to promote local entrepreneurs.
Commenting on the opening of the new mall, Fahad Alshathri, Managing Director of SICO, said: “we are delighted to open our ninth mall in Saudi Arabia. Visitors and shoppers will be greeted with an excellent mix of retail, entertainment and leisure facilities. Al Quwaieyah Mall is a fantastic destination for retailers seeking to build and further expand their brand in the Riyadh Region.”
He added: “This exciting new prestigious business, retail and leisure development in Al Quwayiyah will offer business tenants a reputable business address, hotel guests an upmarket location and shoppers a unique, exclusive retail, entertainment and leisure experience.”
Quwaieyah Mall will generate 450 job opportunities for Saudi men and women, as the booming retail sector in Saudi Arabia is one of the principal beneficiaries of the diversification drive under the Vision 2030 program, Alshathri noted.
The opening of the Quwaieyah Mall is part of SICO’s expansion strategy which aims to increase its mall numbers to 13 by 2025 across Saudi Arabia.
“We are currently developing five new shopping malls in the Kingdom that range in size from 30,000 sqm to 100,000 sqm. Our gross leasable area (GLA) will double to 234,000 sqm once these malls are completed, reinforcing our position as one of the leading mall developer and operator in the Kingdom,” asserted Alshathri.
The Kingdom’s retail industry is currently worth $106 billion and is forecast to steadily rise to $119 billion by 2023, according to a recent Euromonitor International report.
Established in 2005, SICO developed eight shopping malls & plazas at present in Saudi Arabia that includes the Automoto Mall in Al-Khobar, Qurtobah Commercial Center, Al Muzahmiyah Mall, Badeeah Corner, Mursalat Plaza, Al Aziziya Plaza and Maaden Head Office.