CEO, Majid Al Futtaim Holding MAJID Al Futtaim's plans in Saudi Arabia are directly in line with the Kingdom's vision 2030. As a long-term partner of Saudi Arabia and one of its largest foreign investors, we are committed to being a driver of growth in the Kingdom. We believe in the market and its potential and we are backing this up with plans to bring greater experiences to residents and tourists. We see huge potential in the retail and leisure industries in Saudi Arabia, with retail likely to grow from $106 billion to $119 billion by 2023. We have extensive plans to continue investing in developing the Kingdom's retail industry. Furthermore, we have a very strong commitment to developing both the entertainment and film industries in the Kingdom, with additional plans to expand extensively over the next few years. Majid Al Futtaim recently announced that it intends to invest up to SR20 billion over the next 10 years in developing the entertainment and retail sectors in the Kingdom We are currently playing a pivotal role in the development of the entertainment industry, through VOX Cinemas and our entertainment centers. We have introduced 71 cinema screens since the ban was lifted in 2018 and have plans to open 600 screens by 2023. We are also playing an active role in the development of the film industry, having signed an agreement with MBC and Image Nation to support several film projects annually in Saudi Arabia, from inception to distribution. In addition, as part of our commitment to develop the leisure and tourism industry in the Kingdom, we are bringing innovative retail and entertainment concepts tailored to local and international preferences. We will also be opening our highly anticipated Mall of Saudi, which will offer customers experiences far beyond fashion. A sister mall to Mall of the Emirates in Dubai, Mall of Saudi is set to become the Kingdom's flagship destination for retail, leisure and entertainment, offering not only Saudi Arabia's most prestigious stores, but bringing in new, high-end luxurious brands that will be making their debut in the market. With Mall of Saudi we are introducing to the Kingdom the next generation in integrated shopping, entertainment and dining. The mall will feature top level fashion, a wide variety of food and beverage options and a mix of entertainment venues, including a world-class cinema and Ski Saudi, an indoor ski slope and snow park. Retail will be vital in the development of the tourism industry in Saudi Arabia. Similar to the UAE, Saudi Arabia can become a global retail destination with the right offering of brands and experiences. In fact, recent reports suggest that Riyadh and Jeddah have already become compelling retail destinations, with the overall retail space in the nation's capital projected to reach 2.7 million square meters by 2021. As part of our long-term commitment to driving growth in Saudi Arabia and supporting the Kingdom's Vision 2030, we are committed to employing and skilling Saudi talent. At VOX Cinemas, for example, 97% of our employees are Saudi nationals, giving us platinum status with the Ministry of Labor. Furthermore, we place strong focus on investing in, developing, nurturing and retaining this talent, through targeted and specialized training, such as our Tamheer program. We are bringing a new generation of integrated shopping, leisure and lifestyle experiences to the Kingdom, as well as the latest in digital and technology, like AI. These upcoming technologies will enable an entirely new level of experiential retail across customer touchpoints when shopping for groceries (Carrefour), booking movie tickets (VOX Cinemas) or scheduling services (taxis, laundry, etc.). We will be talking more about this soon – it's a very exciting offering. Tourism is an important avenue of diversification and by investing in infrastructure and broadening visitor access, Saudi Arabia is creating a sizeable market for businesses that are active in the travel, tourism, leisure and entertainment sectors. On the domestic front, we believe this is positive news as well: the actions by the Government are set to create 1 million new jobs by 2030, increase foreign direct investment in the sector from 3% to 10%, and revitalize the hospitality industry by bringing on line 500,000 new hotel rooms. That means more jobs, more economic opportunities, and more investment into sectors that have a high growth potential.
