11 Nov 2019
Triple Five eyes 'world's largest' shopping and entertainment complex in Saudi deal
BY Andy Knaggs
Arabian Dream Saudi Arabia, a subsidiary of Triple Five Worldwide, which owns the three largest shopping and entertainment centres in North America, is to help develop what is being described as the world's largest such complex in Riyadh, Saudi Arabia.
Situated within seven million square metres (23 million square feet) at the Al-Wedyan site, which is owned by the Al Akaria Saudi Real Estate Company, the US$5bn (€4.5bn, £3.87bn) project will include amusement and water parks, sports and leisure facilities and shopping and dining locations. It will also be equipped with AI technology to enhance the visitor experience.
The first phase of the project is due to launch in the first half of 2020.
Kelvin Kwok, CEO of Saudi Real Estate Company, commented: "Al-Wedyan is the largest real estate development in the Al Akaria portfolio, and our collaboration with Arabian Dream in a world-class project such as the new shopping and entertainment destination will add value to residents, visitors and tourists."
Triple Five Worldwide owns Mall of America and American Dream in the US, and West Edmonton Mall in Canada, which at 5.3 million square feet (1.6 million square metres) is currently the largest shopping and entertainment complex in the world. Its attractions include an indoor amusement park, rollercoaster, lake, and permanent bungee tower, as well as more than 800 stores, and 100 dining venues.
Jason Lucas, vice president of Triple Five and CEO of Arabian Dream, said the Al-Wedyan complex would have "many elements from other successful tourism destinations". He added: "In this global destination, guests will feel in a safe indoor environment in one place under one roof."
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