Saudi retailer to open mega retail stores

The Saudi retail group Al-Othaim Holding Company has disclosed plans to build 30 shopping mall complexes across Saudi Arabia within the next four years. According to the Arab News, Al-Othaim is setting aside billions of riyals to open 30 stores including 10 super malls by 2010.

“Al-Othaim has finalized plans to open 12 huge malls and each mall will have a supermarket, fashion outlets, an entertainment centre and a food court with a minimum space to park 800 cars at a time,” Fahad Ibn Abdullah Al-Othaim, group vice president, said in the report. Currently, the group is constructing five malls while three others are under design and development. The group has seized the opportunity to expand its retail property investments following a boom in the country’s retail sector. Saudi Arabia and the United Arab Emirates are among the Gulf countries which has seen in recent years rapid growth in retail property development.