Red House Real Estate Development House, a real estate developer in the Middle East and North Africa (MENA) region, has announced the launch of Riyadh Outlet Village, its first outlet complex in Saudi Arabia.
Riyadh Outlet Village will also comprise a traditional Saudi souq and marketplace 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 160,000sqm 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 a top official.
In addition to this, the families will get to enjoy the 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 in line with its firm belief in the extensive potential 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 authorised by the Capital Market Authority to establish a closed investment fund worth SAR250mn 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 specialised in masterplanned communities investment and development.