(MENAFN) Saudi Arabia has been seeing a retail building explosion even as oil, the kingdom's dominant source of revenue, severely plunges, based on reports.
Overseas and local firms are betting shopping demand will increase for years, boosted by one of the world's youngest populations and modern retail space.
Moreover, Riyadh alone is anticipated to add 565,000 square meters of gross leasable area through 2017, whereas Jeddah is set to complete 383,000 sqm.
To give a hint at keen firms, Arabian Centers Co., KSA's biggest mall owner, plans 19 new shopping centers over the next 5 years to add to the 17 it already has.
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