Majid Al Futtaim to pursue expansions in Saudi Arabia, expects more projects by year-end: CEO

Alain Bejjani CEO of Majid Al Futtaim

Majid Al Futtaim will pursue expansions in the Saudi entertainment and retailing sectors, CEO Alain Bejjani told Asharq Al-Awsat newspaper, expecting more projects through the rest of 2022.

Several markets witnessed a recovery, as the UAE, particularly Dubai, has again become among the most active markets. The Saudi market is seeing growing momentum, while other regional markets show recovery signals.

Majid Al Futtaim will continue to expand its VOX cinema screens in the Kingdom, in addition to other family entertainment parks and different retailing brands, Bejjani noted, pointing to the latest opening of Lululemon in Saudi Arabia.

He also added that Majid Al Futtaim seeks to mitigate the higher inflation impact. For nine months, the company has aimed to maintain prices despite higher costs.

Majid Al Futtaim has started construction at Mall of Saudi, the largest in the Kingdom, last October. The project is expected to cost SAR 16 billion, Argaam earlier reported.