Al Akaria Saudi Real Estate Company and Triple Five Worldwide have joined forces to develop a $5bn (€4.5bn) shopping mall in Saudi Arabia’s capital.

Al Akaria, which is partly owned by the government of Saudi Arabia, said it has partnered with Triple Five’s subsidiary Arabian Dream KSA to develop the world’s largest mixed-use entertainment and shopping centre at Al Akaria’s Al Widyan site in Riyadh.

The developed site will comprise theme parks, water parks, recreational and sports facilities, retail dining, shopping centres and hospitality components.

The Al Widyan site, which spreads over 7m sqm, is being designed and developed as a fully-integrated mixed-use development and leisure destination. First phase launch of the Al Widyan project is targeted to take place in the first half of 2020.

Aiman Mudaifer, chairman of Saudi Real Estate Company, said: “We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at our Al Widyan project site.

“With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabia.”

Kelvin Kwok, CEO of Saudi Real Estate Company, said: “Al Widyan is the largest project in our portfolio.

”This collaboration with Arabian Dream aims to bring a unique leisure and entertainment experience to its residents, visitors and tourists.”

Jason Lucas, vice president of Triple Five and CEO of Arabian Dream, said: “Arabian Dream will have components of their other successful tourist destinations but in this global destination, guests will experience them all in a safe indoor environment all combined in one place under one roof.”