Meshaal Bin Omairh, Group CEO of Al Othaim Investment Co. (AOIC), is transforming Saudi Arabia's real estate sector. AOIC manages shopping malls, entertainment venues, food and beverage outlets, and cinemas. Under Bin Omairh's leadership, the company's approach aligns with Saudi Arabia's Vision 2030. This vision promotes growth and innovation. AOIC operates 12 malls, has 22 projects underway, and is developing 14 hotels. These hotels cover 176,000 square meters with 2000 rooms and suites.
INNOVATIVE STRATEGIES IN REAL ESTATE
AOIC modernises business models by using advanced technology and data analytics. This strategy enhances customer experiences and streamlines operations. Analytics provide insights into consumer behaviour. These insights enable personalised marketing and better inventory management. As a result, AOIC boosts efficiency and customer satisfaction. So it’s using proptech as a way of creating change and spark innovation in real estate.
MAXIMISING ASSETS
AOIC also transforms underused mall spaces into high-performing retail environments. This transformation increases foot traffic and revenues. AOIC converts vacant areas into vibrant zones with entertainment and dining options. This approach drives higher customer engagement and optimises the use of space.
ECONOMIC GROWTH AND VISION 2030
Saudi Arabia's Vision 2030 aims to diversify the economy beyond oil. It promotes sectors like real estate development, retail, tourism, and entertainment. AOIC's initiatives align with these goals. Abdullah Alothaim, Chairman of AOIC, emphasizes the importance of government support. He states, "Our strategic expansion reinforces our role in the country's economic growth and diversification in the real estate development sector."
URBANISM AND ENHANCING THE QUALITY OF LIFE
Al Othaim Investment Co. enhances the quality of life across Saudi Arabia. AOIC develops mixed-use projects that integrate retail, entertainment, hospitality, and residential spaces. These projects create vibrant urban hubs that foster community engagement and economic activity. AOIC's developments provide essential services and amenities. They also enhance the aesthetic and cultural appeal of urban areas.
SUSTAINABLE URBAN DESIGN
AOIC commits to sustainability and innovation. It ensures environmental considerations are in mind when designing projects. AOIC promotes green building practices and energy efficiency. These efforts improve living standards for Saudi citizens. They align with Vision 2030's goals of creating a thriving, inclusive, and sustainable urban environment.
HOLISTIC GROWTH
AOIC aims to evolve into a holistic 360-degree entity. This diversification creates integrated lifestyle destinations catering to diverse consumer needs. This strategy enhances AOIC's market position and drives sustainable growth. AOIC's expansion includes 14 hotels under development. These hotels offer 2000 rooms and suites across 176,000 square meters.
NEW DESTINATIONS IN SAUDI ARABIA
AOIC plans to unveil new destinations with branded residences and unique luxury experiences. These include the world's largest fashion museum in Riyadh. These initiatives elevate AOIC's brand and attract international visitors. They boost tourism and contribute to Saudi Arabia's cultural enrichment.
FASHION AND F&B CONCEPTS
AOIC introduces new fashion brands and casual F&B concepts to the Saudi market. This responds to the growing demand for diverse retail offerings. AOIC's malls attract 50 million visitors per year. They are prime destinations for new brands seeking to tap into the lucrative Saudi market.
The company also ensures that international brands resonate with local tastes too. It adapts global concepts to fit Saudi cultural contexts. This strategy offers consumers a blend of global and local experiences.
STRATEGIC GROWTH
AOIC's mall portfolio reflects its strategic growth. The company operates 12 malls and has 17 facilities in development. AOIC plans to expand with innovative retail spaces. It is investing 15 billion SAR in new projects.
Preparing for a potential IPO, AOIC enhances financial transparency and governance. This aims to secure fresh capital for further expansion.
GENDER DIVERSITY
AOIC champions gender diversity and empowerment. Saudi women make up 52% of retail employees. Notable female leaders include the CEO of AlOthaim R&D & AI. This focus aligns with Vision 2030's goals. In doing so, it plays a strong role in AOIC's success.
AOIC'S INNOVATION AND COMMITMENT TO EXCELLENCE
Meshaal Bin Omairh envisions AOIC continuing to drive innovation and growth in the retail sector. He says, "The emphasis on economic diversification opens doors for investment in sectors like tourism and technology."
So AOIC's commitment to excellence ensures it remains at the forefront of the retail industry evolution. Through its strategic pillars of innovation, sustainability, and quality of life, AOIC aims to create over 50,000 direct and indirect jobs by 2030. This reinforces its commitment to Saudi Arabia's socio-economic development and Vision 2030 goals.
PROPTECH INITIATIVES
AOIC embraces proptech to stay ahead in the competitive market. Proptech solutions streamline property management and enhance customer experiences. AOIC integrates these technologies to improve operational efficiency and customer satisfaction.
A BRIGHT FUTURE FOR SAUDI REAL ESTATE
AOIC, under Meshaal Bin Omairh's leadership, is revolutionizing Saudi Arabia's real estate sector. Its innovative strategies, alignment with Vision 2030, and commitment to sustainability position AOIC as a leader in the industry. AOIC's holistic approach and proptech initiatives ensure its continued growth and success. The future looks bright for AOIC as it drives economic diversification and urban development in Saudi Arabia.
