(MENAFN) Dubai-based Al Futtaim Group plans to build Saudi Arabia's biggest shopping mall through a memorandum of understanding the group has signed on Sunday, according to Arabian Business.
The MoU was signed between Al Futtaim Group and Riyadh-based Kayannat Real Estate Company, which will supervise the construction work of Al Diriyah Festival City.
The mall will extend over 250.000 square meters, and will be located in the west of Riyadh.
The project is expected to cost USD1.6 billion, and is scheduled to be completed by the second half of 2015.
Omar Al Futtaim, vice chairman, Al Futtaim Group, said: "With a population of 30 million Saudi Arabia is the GCC's biggest market with a booming retail sector expected to reach a value of USD73.57 billion by the end of 2014 which accounts for 17 percent of Saudi Arabia's GDP."
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