FINANCIAL NEWS

Saudi mall builders to add new shops despite oil fall

13 Dec 2015

(MENAFN) Saudi Arabia plans to open a retail building that continues quickly even as oil, the kingdom’s main source of income falls.

Moreover, Riyadh is predicted to add 565,000 square meters of gross leasable area in 2017, while the seaside city of Jeddah is ready to complete 383,000 square meters.

Accordingly, average monthly trade sales jumped 15 percent this year despite fall in oil, which accounts for almost 80 percent of the kingdom’s budget.

“Retail is the only sector that’s strong and will remain strong in Saudi Arabia right now,” said a consultant with Cluttons.

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