Modern Family star Sofia Vergara in a promotional video for Via Riyadh
Modern Family star Sofia Vergara in a promotional video for Via Riyadh
Modern Family star Sofia Vergara in a promotional video for Via Riyadh
Modern Family star Sofia Vergara in a promotional video for Via Riyadh

What to know about Via Riyadh, Saudi Arabia's new hub promoted by Messi and Sofia Vergara


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Via Riyadh, Saudi Arabia's latest luxury shopping, hospitality and entertainment hub, will open its doors on May 11.

The space will be home to a St Regis hotel, alongside retail stores, fine-dining restaurants, cinemas and a theatre for live performances.

The destination is near the Diplomatic Quarter and was constructed in 20 months.

The opening week will feature live shows and the theatre will be inaugurated by renowned Saudi singer Abdul Majeed Abdullah on May 18.

Earlier this week, football star Lionel Messi was also seen visiting Via Riyadh with his family while on a trip to the kingdom. Last year, Saudi Arabia’s Ministry of Tourism said the country had chosen the Paris Saint-Germain star to be the face of the kingdom's tourism programme.

Turki Al-Sheikh, head of Saudi Arabia's General Entertainment Authority, said Via Riyadh will be one of the finest entertainment destinations in the capital.

Via Riyadh is set to be the go-to entertainment destination in the Saudi capital. Photo: Via Riyadh
Via Riyadh is set to be the go-to entertainment destination in the Saudi capital. Photo: Via Riyadh

A video promotion featuring Modern Family star Sofia Vergara was unveiled ahead of the opening.

In it, the Colombian actress is driven in a Bentley to Via Riyadh after an airline loses her luggage. "Guess what? I'm going to have to go shopping," she says. She is then welcomed at the luxury property and goes on to experience other elements of Via Riyadh — such as its dining and theatres — calling it the "place to be".

The architecture of Via Riyadh is built in the Salmani style based on King Salman bin Abdulaziz Al Saud's six core values, authenticity, human-centricity, livability, continuity, innovation and sustainability; and it is built with a mix of traditional and modern architecture.

There is an emphasis on green spaces, as Saudi Arabia moves towards a more sustainable future as part of Vision 2030, outlined by Crown Prince Mohammed bin Salman.

COMPANY%20PROFILE
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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
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Updated: May 04, 2023, 4:13 AM