MAF expands in Saudi real estate: UAE-based Majid Al Futtaim Properties (MAF Properties) is set to break ground on a SAR 17.5 bn mixed-use, integrated urban development in northern Riyadh next year, the company’s CEO Ahmed El Shamy told Al Arabiya. Engineering designs are ongoing, while tenders are scheduled to begin next year, El Shamy added.

What we know so far: The project will span over an 850k sqm area, offering residential, commercial, administrative, and entertainment spaces. MAF Properties completed the full acquisition of the land last year, after making the final USD 100 mn payment.

We knew this was coming: Al Shamy told EnterpriseAM this week that MAF Properties was preparing to launch projects in Saudi Arabia in 2025 and 2026, with plans to develop land it owns in Riyadh valued at some SAR 3 bn.

MAF is on a roll: The expansion comes as MAF Properties is investing some EGP 15 bn in a new mixed-use project next to Mall of Egypt in West Cairo. MAF’s portfolio in Egypt now stands at around USD 2.5 bn, El Shamy said.

..and more is on the way: Across the broader region, the group has invested AED 45 bn (USD 12.3 bn), and sets aside AED 1.5-2 bn annually for new regional investments.

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