MAF Shopping Malls signs first joint venture agreement in the Kingdom of Saudi Arabia

One of the key initiatives of this partnership will be the launch of the successful City Centre brand in the Kingdom. The first project, Jeddah Riviera Mall will be built using Al Ghazzawi Group's local expertise in real estate and mix-used projects in Saudi Arabia combined with MAF Shopping Malls regional experience.

Estimated to cost SAR 1.1 billion to build, the regional shopping centre will be strategically located on Prince Sultan Road, in the heart of Jeddah and will be completed by 2010.

"The joint venture agreement with the Al Ghazzawi Group marks MAF Shopping Mall's debut in KSA," said Graham Dreverman, CEO, MAF Shopping Malls. "We look forward to working with our partners to build a world-class shopping mall that will meet the consumers demand for shopping, leisure and entertainment."

"In the next 10 years, the retail expenditure in Saudi is expected to rise to US $ 100 billion. by this joint venture, this will be the first of many projects that we plan to build in the Kingdom. As part of the company's aggressive regional expansion plans, we aim to capitalise on this retail boom and expand our footprint in the country by developing many City Centre shopping malls in KSA,"

added Dreverman.

"The real estate investment sector is growing in Saudi, the western province of the kingdom has witnessed a substantial increase in investments for new developments. Jeddah is one of the key cities that has attracted the highest percentage of investments in KSA. The Al Ghazzawi Group has put together an investment plan in order to develop a number of real estate projects that will contribute to the economical development of the western province. Jeddah Riviera Mall is one of the landmark projects for the retail industry in Saudi," said Dr. Bilal Talal Al Ghazzawi, Vice Chairman and Managing Director, Al Ghazzawi Group.

Jeddah Riviera Mall will span more than 100,000 square meters (GLA) and house over 300 retail outlets including MAF Hypermarkets - Carrefour, the world's second largest retailer and other key anchor stores. The retail mix will include convenience, fashion, home, electronics, entertainment and leisure categories, a variety of multi-cuisine restaurants amongst others. Multiple entries and exits at different levels of the 4,000 plus car park will ensure that customers can easily access the mall.