A&O Shearman has advised Al Marqab Investment Company on the sale of Solitaire, a luxury shopping mall in Riyadh, to a real estate investment fund managed by Alrajhi Capital and regulated by the Capital Market Authority.
Solitaire launched earlier this year and houses a number of prestigious brands across three floors, including Dior, Cartier, Loro Piana, and Tiffany & Co.
The deal team was led by Riyadh partners Sultan Almasoud and Mohsin Suleman, covering real estate, fund structuring, and operational matters.
Almasoud said: “This transaction is a clear reflection of the robust momentum we are witnessing in Saudi Arabia’s commercial real estate market, particularly in the luxury retail segment. The successful sale of Solitaire not only underscores the growing appetite among institutional investors for high-quality, income-generating assets, but also highlights the increasing sophistication and maturity of the Kingdom’s real estate sector.”
“We are seeing a trend where landmark developments such as Solitaire are attracting significant interest from both local and international investors, driven by the government’s ongoing efforts to diversify the economy and enhance the urban experience in line with Vision 2030,” he continued. “For the sector, this deal sets a new benchmark for large-scale retail transactions and signals continued confidence in Riyadh’s position as a leading regional hub for luxury retail and lifestyle destinations. For the wider region, it demonstrates the strength and resilience of the Saudi market, and its ability to deliver complex, high-value transactions that contribute to the Kingdom’s long-term economic transformation.”
