Saudi Arabia: Real estate boom leads to construction of mega malls
Growing investments in the booming real estate sector are also contributing toward establishing shopping malls, especially mega malls and high-end stores, across Saudi Arabia. Speaking to Arab News, Anas Saleh Seirafi, who recently opened a mega mall in Jeddah, said each mega mall is a multimillion-riyal project.
The repatriation of overseas funds, especially since the 9/11 attacks in the United States, has been largely contributing toward increased investments in the private sector, real estate being among the favorites. Funds are being partly directed toward opening shopping malls, he explained.