Al Khozama Management Company has hired Salini Impregilo, one of the world’s largest contractors to redevelop a major retail and hospitality site in the Saudi capital of Riyadh.
The SR1.1 billion ($290 million) Al Faisaliah District renovation contract will see the upgrade of Al Khozama’s retail, hospitality and commercial assets starting with the renewal of the Al Faisaliah Mall.
The contract starts with a SR200 million refurbishment of the renowned Al Faisaliah Mall while the remaining SR900 million will be spent on the demolition of the adjacent Seyahiah and Al Khozama Centre buildings, paving the way for a mall extension and the five-star Al Khozama Hotel.
“We are very excited to begin this substantial Redevelopment project with the introduction of the innovative designs of the new Al Faisaliah Mall to the Riyadh retail landscape,” said Abdulaziz S Al Habib, president and CEO of Al Khozama Management Company.
“We… aim to continually raise the standards of the luxury retail, commercial and hospitality industry and we believe that with the new redevelopment of the Al Faisaliah District, we will accomplish that.”
He added that the new Al Faisaliah Mall extension will create the longest street retail façade in Riyadh.
The redevelopment plans for the mall promises to add over 16,000 sq m of retail space and is estimated to take three years to complete. Throughout the duration of works, the mall will remain operational.
Salini Impregilo, a multi-billion dollar group, has a number of live projects in the kingdom and the region including the Riyadh Metro.