Salini Impregilo wins SR1.1 billion Al Khozama redevelopment contract
Al Khozama Management Company has announced the appointment of Salini Impregilo — one of the largest global contractors — in the landmark SR1.1 billion ($293 million) Al Faisaliah District renovation contract to upgrade Al Khozama’s retail, hospitality and commercial assets commencing with the renewal of the Al Faisaliah Mall.
The contract — named the Al Faisaliah District Redevelopment Project — starts with a SR200 million refurbishment of the Al Faisaliah Mall, home to some of the world’s leading designer brands. The remaining SR900 million will be purposed to demolish the adjacent Seyahiah and Al Khozama Center buildings paving the way for the construction of the mall’s new luxury extension, the fivestar Al Khozama Hotel and subterranean parking systems.
This announcement marks another strategic step forward for Al Khozama in realizing its renewed vision to be the leading thinker, developer, creator and manager of luxury properties in Saudi Arabia and beyond, according to a statement from the company.
“We are very excited to begin this substantial redevelopment project with the introduction of the innovative designs of the new Al Faisaliah Mall to the Riyadh retail landscape,” said Abdulaziz S. Al-Habib, president and CEO of Al Khozama Management Company. “We come from a proud legacy of leaders and innovators in property development, tourism and hospitality. We, as much as our stakeholders, aim to continually raise the standards of the luxury retail, commercial and hospitality industry and we believe that with the new redevelopment of the Al Faisaliah District, we will accomplish that.
Salini Impregilo is a globally renowned name in the construction sector and we are delighted to be working with them to help us deliver on our promise,” he added.
Designed by award-winning archi- tects Gensler, the redevelopment plans for the mall promise a larger and richer luxury shopping experience adding over 16,000-square meter of high-tech and interactive retail spaces for shoppers and tenants alike.
Pietro Salini, CEO of Salini Impregilo, said: “We are honored to be awarded this contract. Our aspiration as a global organization is to develop projects that serve as a catalyst for growth in their respective communities and contribute to the economic and social development of those communities. The Al Faisaliah Mall renovation and the overall Al Faisaliah District Redevelopment project is representative of the kind of projects that inspire our continued passion for excellence.”