Saudi Ministry of Investment signs MoU with Al-Othaim Investment to support, develop and expand its presence in the Kingdom

The Ministry of Investment signed a memorandum of understanding with Al-Othaim Investment Company in the presence of His Excellency Engineer Khalid bin Abdulaziz Al-Falih, Minister of Investment, and Mr. Abdullah bin Saleh Al-Othaim, Chairman of the Board of Directors of Al-Othaim Investment Company, with the aim of supporting the company to develop and expand its investments and projects in the Kingdom of Saudi Arabia in the sectors of commercial centers (malls) and fashion. Entertainment, food, sports, cinema, hospitality, hotels, and artificial intelligence, in addition to attracting partnerships and opportunities that serve the investor through the initiatives and capabilities provided by the Ministry of Investment in accordance with the goals of the Kingdom’s Vision 2030.

The agreement on the memorandum of understanding was signed by Al-Othaim Investment Mr. Mishal Bin Omairah, CEO.

Mr. Abdullah bin Saleh Al-Othaim extended his thanks and appreciation to His Excellency the Minister of Investment for honoring him by signing the memorandum of understanding, praising his blessed efforts in the Ministry of Investment in supporting the private sector, meeting its demands, and working to achieve a favorable investment environment characterized by high efficiency and ease of doing business. To enhance the future of investment in Saudi Arabia under the supervision and guidance of the wise leadership led by Moulay, the Custodian of the Two Holy Mosques and the Trustworthy Crown Prince, “may God protect them”

For his part, Mr. Mishal bin Omairah, CEO of Al Othaim Investment Company, expressed his happiness at signing the memorandum of understanding with the Ministry of Investment, which is within the framework of exploring and supporting investment opportunities and fruitful cooperation to develop and expand the company’s business in the Kingdom, and working to create a stimulating investment environment to support its business and integrated investment projects, and seeking to solve the challenges that hinder The investor’s journey and accelerating government procedures to contribute to attracting investments, as well as identifying the investment opportunities and their priorities for the company in its various sectors and the quality of life program.

It is noteworthy that Al-Othaim Investment Company, which was listed among the top 50 real estate developers in the Gulf for the year 2023, owns (12) commercial complexes within the Kingdom. Among them are four in the Eastern Province bearing the Othaim Mall brand in each of (Dammam – Al-Ahsa – Hafr Al-Batin – Al-Khafji), in addition to two malls in Riyadh (Al-Rabwah – Khurais), three in Al-Qassim (Buraidah – Unayzah – Al-Rass), Othaim Mall Hail, and Othaim Mall Arar.

It includes a number of companies operating in the fields of (major commercial complexes – hotels – real estate investment – entertainment – cinema – fashion – restaurants and cafes – artificial intelligence – sports centers – residential units, commercial offices, etc.). The company’s portfolio of investment projects is also under implementation and in the future. The expansion work of existing commercial complexes included 23 projects distributed across regions and cities of the Kingdom, with the number of projects currently under implementation reaching 7 projects (including the Kunooz project in Riyadh, which won the international “MUSE” award in the brand identity category, in addition to 5 expansion projects for existing commercial complexes. At a cost of more than 12 billion riyals, the company also includes 11 future projects in its plan, the preliminary designs of which are being completed and implementation work is expected to begin this year, 2024 AD.