Prince Alwaleed: “This expansion comes in light of KHC’s objective to fortify its local investments portfolio”
Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced the SR43.8 million expansion of Kingdom Centre Company, Ltd. (Trade Centre), chaired by Eng. Talal Ibrahim Al Maiman, Executive Director for Development and Domestic Investments and KHC Board Member. KHC holds a 36% percent interest in Kingdom Centre.
Prince Alwaleed commented: “The expansion of Kingdom Centre comes in light of KHC’s objective to continue to fortify its investments in Saudi Arabia.”
Eng. Talal Al Maiman commented: “The total area of the expansion is 13,550 square meters and the annual return on investment is approximately 35%.” Eng. Al Maiman added that the expansion included 26 commercial stores with a total of 3,580 square meters, in addition to 10 commercial stands occupying 157 square meter and an 874 square meters children recreation area and 27 food stalls totaling 1,420 square meters and a 600 square meter Mosque. Furthermore, the expansion includes common area and service facilities making up the 13,550 square meters expansion.
The Kingdom Centre was completed in 2002. The Kingdom Centre is an iconic building and one of Saudi Arabia's most identifiable landmarks. The Kingdom Centre, which occupies 94,230 square meters of land comprises the Al Mamlaka shopping mall, considered to be one of Riyadh’s most prestigious shopping malls, and a 300 meter office tower which was, when built, the tallest building in the Middle East.
Moreover, KHC recently announced the Four Seasons Hotel Riyadh 44 rooms and suites expansion project is currently under development. The 48th floor will be converted into two floors “48th and 50th floors” with 44 premium category of guest rooms and suites, a check-in desk on the 48th floor, as well as the services of a dedicated concierge staff. The expansion also includes a panoramic elevator, a 90sqm Executive Lounge and a unique butler service. Furthermore, a 90sqm Ladies Gym will be situated on the 50th floor for all in-house female guests. Moreover, Kingdom Suite will be the "Signature Suite" of the hotel situated on both floors (duplex) covering an area of 330sqm.
Kingdom Center was constructed to be a multi-purpose project. The eastern wing of the project includes world-famous brands that were chosen to suit particular local needs. A number of fast-food restaurants occupy the middle area of the Mall. The diversity of food taste that they cater to represents a microcosm of the world’s cuisine. The department stores occupy opposite ends of Al Mamlakah Mall, while the rest of the stores occupy locations facing the vast areas allocated to the public. They are interconnected by six pedestrian bridges. The open areas of the three commercial floors converge horizontally.
Those distinctive features have gained the Kingdom Center Project a number of awards. The most important is the award for the Best New Skyscraper of the Year 2003. With this award, Kingdom Center won over 350 projects voted for by thousands of architects from all over the world.
Al Mamlakah Mall also won the award for Innovative Design & Construction of a New Project 2003. This award is granted by the International Council of Shopping Centers, which grants this prize to the most distinctive project that encompasses the highest standards of accomplishment.