Red House Real Estate Development House, a leading real estate developer in the Mena region, has announced the launch of “Riyadh Outlet Village,” its first outlet complex in Saudi Arabia
A major player in the Middle East and North Africa (Mena) region, Red House has several innovative mega projects in Algeria, Cyprus, Lebanon, Dubai and Saudi Arabia, to its credit.
"Riyadh Outlet Village” will also comprise a cultural traditional Saudi souk and Market place as a modern reinterpretation of a traditional Arabian town where Saudi designers and skilled artisans would display their products and the perfect spot to discover more about traditional Arabic culture.
The new complex, to come up over a 160,000 sq m area on King Fahd Road North area of Riyadh, is being developed as a themed multi-purpose shopping, recreational and cultural destination designated for all family members where they can enjoy recreational, entertainment, dining and cultural activities, said top official.
In addition to this, the families will get to enjoy high-standard shopping experience with prime brands of apparel, home appliances, furniture, sporting goods and many others.
Chairman Mazen Al Beaini said: "Red House continues to provide innovative and exclusive projects in Saudi Arabia for its firm belief in the extensive potentials and prospects of the Saudi market especially after the vital upturn in all sectors due to major economical reforms achieved in recent years under King Salman and Crown Prince Mohammed bin Salman."
Al Beaini said it had already reached an agreement with one of the largest Saudi financial companies authorized by the Capital Market Authority to establish a closed investment fund worth SR250 million ($69 million) to finance the project.
Red House Group, a member of Al Beaini Holding, is a privately owned Saudi-Lebanese Real Estate Investment and Development firm that was established in 2005 and specialized in Master Planned Communities Investment and Development.
In 2015, the comoany partnered with Dubai Investments to manage and develop mega real estate projects in Saudi Arabia and initiated its operation with project "Riyadh Investment Park,” a 11-million-sq-m mix-use industrial, commercial and logistic complex strategically located in east of Riyadh.-TradeArabia News Service
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