Region: Middle East
Kingdom’s entertainment industry to drive HVACR projects, says VTS Clima
Dubai, UAE, 24 March 2019: Saudi Arabia’s entertainment industry is going to play an important role in upcoming HVACR projects, said Faizal Babu Pallathody, Managing Director, VTS Clima. Pallathody said there are especially strong growth opportunities in cinemas, given that Vox Cinemas will invest SAR 2 billion, approximately USD 533 million, to open 600 theatres in the next five years, starting with Riyadh Park Mall.
Pallathody added that construction companies expect Dubai-based developer Majid al-Futtaim to tender the estimated USD 1.5-2 billion contract to build the Mall of Saudi development by the end of October. “The retail centre in Riyadh will be one of the largest in Saudi Arabia when completed,” he said. “It involves the construction of a mall on an 866,500-square-metre site that will include a 26,000-square-metre indoor snow park and 300,000 square metres of shops, restaurants and entertainment areas.”
Pallathody said that the above developments are only a few from the wide range of projects in the country, adding that the sector has also seen a growing number of construction projects related to expansion and redevelopment of existing structures.