AL OTHAIM INVESTMENT THE AMBITIOUS EXPANSION

Meshaal Bin Omairh is the Group CEO of Abdullah Al Othaim Investment Company. He boasts an impressive 30-year career in finance, navigating the complex landscapes of multinational and multi-divisional companies. His track record is demonstrably one of success, marked by progressively increasing responsibilities and a consistently motivational approach. His leadership experience includes roles as Chief Executive Officer and Board Member of Mohammad Abdulaziz Alrajhi & Sons Investment Co. from 2018 to 2021, and Acting Chief Executive Officer of Manafea Investment from 2019 to 2021. In addition to being a retail giant, Al Othaim Investment Company, a top 50 Gulf real estate developer in 2023, is a multi-faceted force in Saudi Arabia’s development. With 12 commercial complexes, including four Al Othaim Malls across the Eastern Province and two in Riyadh, the company’s reach extends to Qassim, Hail, and Arar. AlOthaim also holds interests in hospitality, real estate, entertainment, cinema, fashion, and more, with 23 diverse projects currently shaping the kingdom’s future. The award-winning Kunooz in Riyadh stands as a testament to their innovative vision.

WHAT ARE SOME OF THE KEY ACHIEVEMENTS AND CONTRIBUTIONS OF AL OTHAIM INVESTMENTS IN 2023?

For over 20 years, Al Othaim Investments has strived to be a beacon of innovation, development, and economic prosperity in Saudi Arabia. We’re known for our pioneering spirit, and we’ve built an impressive portfolio in retail, F&B, entertainment, residential, and commercial complexes, creating spaces that not only redefine shopping experiences but also serve as the heart of vibrant, connected communities. As a pivotal player in Saudi Arabia’s Vision 2030, we’re committed to amplifying the nation’s socio-economic landscape and enriching individual lives. We’ve delivered projects worth a staggering $1.97 billion (SAR7.4 billion), with over $2.67 billion (SAR10 billion) currently under construction - a testament to our dominant presence and unwavering dedication. Over 2023, we achieved significant milestones by implementing our strategy and laying the groundwork for an even stronger expansion. We forged strategic partnerships with esteemed entities like the Tourism Development Fund, the Quality of Life Programme, and the Ministry of Municipal and Rural Affairs and Housing, solidifying our commitment to holistic growth and collaboration. Our recent projects have significantly elevated our portfolio. We launched Konoz Riyadh, a $1.86 billion fully integrated community featuring commercial offices, entertainment, retail, F&B, cinema, a luxury hotel with serviced apartments, and premium residential spaces. Konoz Riyadh embodies our dedication to sustainability, with 15,000m2 of green areas aligned with the green Riyadh city initiative.

We’ve also unveiled Al Othaim Mall in Jubail and Mithneb, Al Othaim Complex in North Riyadh, and expanded Rabwah Mall and Khurais Mall in Riyadh. Additionally, we’ve initiated mixed-use developments in Madinah and Khamis Mushait. Each of these projects is strategically located and features state-of-the-art designs, reflecting our commitment to creating spaces that are not only functional but also visually appealing and seamlessly integrated into their surroundings. Furthermore, we proudly marked a new chapter in Hail with the groundbreaking of Al Othaim City Centre, our $27 million (SAR100 million) major development, which represents a key piece of our expansion strategy, solidifying our position as a leader in integrated development projects that nurture hospitality, tourism, entertainment, and shopping experiences. The project offers 48,000m2 of prime rental space and 7,000m2 of open-air possibilities, featuring international-standard hotel, diverse shops, a delectable array of restaurants, exciting entertainment options, a state-of-the-art cinema, open-air sports shops, and a convenient supermarket. Driven by a passion for excellence, our vision is to be the region’s premier destination for living, shopping, and entertainment. We believe in building communities that uplift the quality of life and foster vibrant, enjoyable experiences for all. This commitment extends beyond our commercial endeavours; we actively engage in social responsibility through a spectrum of programs and activities, including Abdullah Al Othaim’s $26.65 million (SAR100 million) donation to Jood Housing and consistent contributions to over 100 charity organisations.

 

AL OTHAIM INVESTMENT:

THE AMBITIOUS EXPANSION Al Othaim Investment Company embarks on a $3.2 billion expansion, establishing new companies, launching 23 multi-use projects, and creating 50,000 direct and indirect jobs.

 

Al Othaim Investment, a diversified group spanning real estate, entertainment, F&B, and fashion retail, has achieved remarkable success with its recent launch of numerous companies and development projects. The company is currently in a phase of high activity and diligent efforts as part of its strategy to establish significant multi-use projects and enhance existing ones to align with its comprehensive investment approach. This endeavour is in line with the historic economic transformation taking place in the kingdom under the Saudi Vision 2030. It reflects the company’s commitment to the vision’s strategic objectives, bolstering its presence through diverse and comprehensive investments that leverage the integrated and systematic capabilities of its group companies. This approach serves investment purposes and contributes to a qualitative shift in the economy, supporting the national Othaim Park, Dammam economic landscape. Presently, the company is actively engaged in completing projects valued at over $3.2 billion (SAR12 billion). These projects are characterised by their qualitative nature and multi-purpose functionality, further solidifying the company’s leadership, precedence, and investment capacity in the field of development. They embody modern designs that prioritise sustainability, enhance the elements of quality of life and happiness, and make significant contributions to the national economy.

 

THE BOX OF TREASURES DEVELOPMENT “KONOZ”

Taking the lead among these groundbreaking initiatives is the striking “Konoz” project, spanning an expansive area of 114,000m2 and boasting a budget exceeding. Situated north of Riyadh, between King Fahd and Al-Olaya roads, this project stands out for its comprehensive investment and development approach, its incorporation of captivating aesthetic elements, its adherence to the highest sustainability and quality standards, and the exceptional nature of its designs crafted by the renowned international consulting firm, Benoy. Ideally situated in the heart of the action, the project boasts convenient access to King Khalid International Airport, the King Abdullah Financial Center, King Salman International Airport, and direct connectivity to the metro line. Within its expansive footprint, it holds a bustling commercial centre, spanning over 120,000m2 of rental space, a prestigious global hotel with 250 hotel rooms, luxurious living spaces, modern office facilities, and a captivating enclosed entertainment city spread across 20,000m2, all designed to elevate Riyadh’s tourism and entertainment scene. Ample green spaces and extensive parking add to its appeal, making it a truly unique and desirable destination.

 

ENTERING THE HOSPITALITY MARKET

Expanding its reach and fostering local talent, the company is making waves in the hospitality industry. By launching a dedicated hotel and hospitality subsidiary and collaborating with key players like the Saudi Tourism Fund, Al Othaim is positioned to be a major force in the market. Poised for growth, the company plans to unveil 14 international hotels, boasting over 2,000 units. These luxurious accommodations will not only attract renowned international restaurants and offer premium services, but will also create a substantial number of jobs in various fields, both directly and indirectly. In its commitment to empowering Saudi nationals, the company has already commenced creating numours job opporunities, achieving a remarkable 70% localisation rate. Through its multifaceted projects and newly established companies, it aims to create an additional 50,000 direct and indirect jobs for Saudi employees, significantly contributing to lowering national unemployment rates. Further demonstrating its commitment to social responsibility, Al Othaim succeeded in achieving a 36% female participation rate, actively promoting gender equality within its workforce. Investing in the future of Saudi Arabia, the company has provided over a million hours of training to young individuals. This initiative aims to equip them with essential skills, preparing them for fulfilling careers within the company and beyond. By nurturing highly qualified talent, the company is empowering young Saudis to play a vital role in building a prosperous nation.