Savola invests in malls

Savola Group to invest millions of riyals in construction of shopping malls in major Saudi cities.

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By  David Ingham Published  June 23, 2004

Savola Group is planning to build four major commercial centres in Riyadh, Jeddah and Makkah at a total cost of around SR800 million. The projects are being implemented on a total area covering 570,000 square metres at prime locations in these cities. One of the centres will open in Riyadh in August this year. The centre, called Aziziya Mall, backs onto Al Olayya and King Fahd Streets in the centre of the town. The project covers a total of 136,000 square metres and has cost around SR180 million. The mall includes parking for around 2200 vehicles. Another development is underway in Riyadh. Called Eastern Ring Mall, it will cover around 300,000 square metres and cost a reported SR 235 million. The Eastern Ring Mall will have parking facilities for more than 4765 vehicles. A third project is on the way in Jeddah at an estimated cost of SR 113 million. The Roshan Mall is situated near the Globe Square and will cover around 90,000 square meters. It will include parking for 1633 vehicles and is expected to open next year. The fourth project, Al Salam Mall, will be built in Makkah. It is located on the outskirts of the city and will occupy around 52,000 square metres. Its development cost is around SR 120 million and it is scheduled to open in late 2005. Each complex will have carry the usual brand name outlets, as wells as restaurants, cafes, children’s areas and supermarkets. Savola Group will retain complete ownership of the projects.

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