‎Majid Al Futtaim CEO: Mall of Saudi halt irrelevant to family disputes, investments in Saudi Arabia ongoing

‎Majid Al Futtaim CEO: Mall of Saudi halt irrelevant to family disputes, investments in Saudi Arabia ongoing

Ahmed Ismail, CEO of the UAE's Majid Al Futtaim (MAF) Group, said the suspension of construction work on the Mall of Saudi project in Riyadh has nothing to do with family disputes.

The UAE business conglomerate is constantly evaluating its investment portfolio to achieve sustainable growth in the long term; hence it has temporarily suspended some investments, the CEO told Bloomberg TV.

He added that the group continues to invest in Saudi Arabia through retail and entertainment such as cinema, stressing that the Kingdom is a thriving opportunity, and the company strongly believes in its economy.

There are a plenty of growth opportunities in the Saudi retail sector, through the expansion of retail stores and strong demand for e-commerce, the top executive said.

He noted that the entertainment sector is witnessing a distinguished period, given the significant demand for facilities and energy management; hence the company continues to fulfill this demand. According to data available with Argaam, MAF suspended work on its estimated SAR 6 billion Mall of Saudi project for unknown reasons.

Mall of Saudi is located at the intersection of Al-Thumama Road and Abu Bakr Al-Siddiq Road in Al-Narjis neighborhood, north of Riyadh, with a total area of more than 866,000 sqm.

MAF had