UAE’s Majid Al Futtaim has $4 bln projects in Saudi Arabia

Majid Al Futtaim has $4 billion worth of existing projects in Saudi Arabia, including Mall of Saudi, City Centre mall Ishbiliya, Vox Cinema, and Carrefour, Chief Executive Officer, Alain Bejjani told Argaam, on the sidelines of the Future Investment Initiative (FII), held in Riyadh.

Al Futtaim is finalizing licensing procedures of Mall of Saudi, concluding deals with contractors and completing the purchase of the City Centre mall Ishbiliya land plot.

UAE-based retail giant Majid Al Futtaim also announced an investment in Wadi Group which operates Wadi Grocery, the fastest growing online grocery delivery platform in Saudi Arabia.

The investment in Wadi is part of a $30 million funding round that will help fuel Wadi Grocery’s growth.

As part of the agreement, Carrefour will become Wadi Grocery’s long term strategic partner for supplying food and non-food groceries.

The partnership will provide customers access to over 12,000 products, delivered within a two-hour window on the platform.

Wadi Grocery is currently operational in Riyadh, Jeddah and Dammam, and will gradually extend to customers in all cities throughout the kingdom where Carrefour operates.