Saudi capital Riyadh has seen an increase in retail spaces in the first six months of the year, as the sector recovers from the impact of Covid-19.
Around 55,000sq m of gross leasable area (GLA) was added to the Saudi capital’s total stock, which stood at 3.3 million square metres by the end of June this year, according to a new report by real estate consultant JLL.
Neighbouring cities also saw an increase in GLA in the same period – Jeddah with 16,000sq m and Makkah with 17,500sq m.
“For the first time in two years after the easing of restrictions relating to the Covid-19 pandemic, KSA is allowing over one million pilgrims to perform Hajj this month,” JLL’s Head of Research for the Middle East, North Africa, and Turkey, said in a statement.
He said the pandemic recovery is helping the Kingdom to reach its target of welcoming 12 million foreign visitors. “Overall, the higher number of visitors will likely have positive implications for Saudi Arabia’s retail market,” he explained.
