SAR, Al-Othaim Investment sign a contract to develop a multi-‎use shopping center in Al-Hofuf

Saudi Railway Company “SAR” signed an agreement with Al-Othaim Investment Company, which represented a 25-year contract to develop a multi-use commercial center with an urban model character in the city of Al-Hofuf, in support of urban development in the region, and to create projects that contribute to its growth and raise the level of life quality in it.

The agreement was signed by Saudi Railways “SAR” CEO Dr. Bashar Khaled Al-Malik, and by Al-Othaim Investment CEO, Mr. Mishal bin Omairah, Group CEO, in the presence of Mr. Abdullah bin Saleh Al-Othaim, Chairman of the Board of Directors.

This agreement comes within the framework of model partnerships between national institutions through the development of model commercial projects, especially in the field of investment in the real estate and tourism sectors.

The agreement will open broad horizons to fully benefit from the natural, touristic, heritage and cultural capabilities of the Al-Ahsa region, thus contributing to promoting balanced and sustainable development of the region.

In an effort to achieve the highest standards of quality and excellence in developing the multi-use mall, a land with distinctive specifications was chosen, as the land on which the multi-use mall will be developed is located on King Fahd Road in Al-Hofuf, and is distinguished by its proximity to the Saudi Railways train station. It extends over an area of more than 90 thousand square metres.

This agreement reflects joint efforts to develop infrastructure, strengthen the local economy, and provide new job opportunities. This project is expected to achieve great success in supporting economic growth and enhancing tourism in the region, in addition to promoting sustainable development of the region in various vital sectors.

For his part, Mr. Mishal Bin Omairah expressed his happiness at signing the agreement with “SAR” Company to develop this integrated model project.

He said that the agreement would open broader horizons for joint cooperation and building smart partnerships that reflect the strategic interests of both sides, noting the great transformation witnessed by Al-Othaim Investment Company and its keenness to establish strategic partnerships with national companies to support the comprehensive development process witnessed by the Kingdom.

The CEO of Al-Othaim Investment Company referred to the company’s vision and expansion plans, which aim to add a system of commercial complexes and integrated investment projects in various regions of the Kingdom to enhance its leadership in this field, enrich tourism and entertainment activity, and provide an attractive environment to attract the best international brands, as well as improve Quality of life elements

For his part, His Excellency Dr. Bashar bin Khaled Al-Malik, CEO of Saudi Railways (SAR), stated that this agreement shows the extent of SAR’s keenness to cooperate with various leading national companies to benefit from investment opportunities that contribute to improving the travelers’ experience through the development of sites. Surrounding passenger stations to provide diverse shopping and entertainment experiences, raise the level of quality of life and services provided in various regions of the Kingdom through urban and tourism development projects and create new job opportunities, in addition to diversifying the company’s sources of income to support the business and future projects of Saudi Railways.

It is noteworthy that Al-Othaim Investment, which was included in the list of the best 50 real estate developers in the Gulf for the year 2023, owns (12) commercial complexes in addition to a portfolio of investment projects under implementation that includes 23 projects distributed across regions and cities of the Kingdom with investments exceeding 12 billion riyals, and it falls under it. 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.)