New Time Out Market - Riyadh (Mgmt Agreement)
30 November 2022
Time Out Group plc
("Time Out", the "Company" or the "Group")
New Time Out Market - Riyadh management agreement
Time Out Group plc (AIM: TMO), the global media and hospitality business, announced today that it has entered into a management agreement with Diriyah Gate Development Authority ("DGDA") to open a new Time Out Market ("Market") in Riyadh at Diriyah Square. Diriyah Square is the commercial, retail and lifestyle centre of the 5.5 sq miles Diriyah development, Saudi Arabia's foremost cultural and heritage destination.
This is the Company's eighth management agreement as its global expansion continues, with further locations in advanced negotiations. There are now seven open and seven new Markets with expected opening dates:
● Porto (2023 - Owned & Operated Market)
● Cape Town (2023 - Management Agreement)
● Vancouver (2024 - Management Agreement)
● Abu Dhabi (2025 - Management Agreement)
● Prague (2025 - Management Agreement)
● Osaka (2025 - Management Agreement)
● Riyadh (forecast to open in 2027 - Management Agreement)
As a key anchor of Diriyah Square, Time Out Market will bring Riyadh's best chefs, restaurateurs and cultural experiences together under one roof, based on editorial curation. It will provide a space and opportunities for award-winning, established and up-and-coming culinary and cultural talents.
Located across 95,000 sq ft and two levels, there will be 23 kitchens, five beverage serveries, multiple stages, event and exhibition spaces, a demonstration kitchen, kitchen academy and kitchen lab. With approximately 1,650 seats, guests will have a variety of indoor and al fresco dining options.
Diriyah Square will deliver unique retail, leisure, entertainment, hospitality and cultural offerings. Over 180,000 sqm in size, Diriyah Square will include more than 400 global retail and lifestyle brands and outstanding dining offers as well as over 100 local concepts, blending international brands with traditionally inspired Saudi retail. In addition to the retail offer, there will be luxury hotels, residences, office buildings and open-air event spaces. A focal point for tourism, Diriyah is also home to At-Turaif, designated as a UNESCO World Heritage Site in 2010.
Under a management agreement, Time Out Market receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site.
Time Out Market Co-CEO (Development) Jay Coldren added: "Time Out has always been at the forefront of urban centres, shining a light on the best of the city. Our Time Out Markets let local culinary and cultural talent showcase their skills, bring people together to connect, create employment opportunities, and provide an open and diverse workplace for the community. Diriyah Square is set to be a landmark, combining history, heritage and culture alongside retail and hospitality - as the country is opening up to tourism and the world, there is a well-established eating out culture that continues to grow and evolving cultural scenes which both locals and visitors are increasingly enjoying. We are looking forward to offering our unique Time Out Market experience, alongside our partners at DGDA."
Jerry Inzerillo, Group CEO - DGDA commented: "We are thrilled to announce Time Out Market for Diriyah Square, becoming the first of many major anchors for the development. The team at Time Out Market share our vision - creating a vibrant dining experience for both locals and visitors alike that complements the retail, lifestyle and culture ingrained across Diriyah, and especially here at Diriyah Square."
Time Out first started in 1968 to showcase the best of the city and today covers content on 333 cities in 59 countries, with Time Out Riyadh having launched last year with franchise partner ITP Media Group. Holly Sands, Editorial Director, Hospitality & Entertainment at ITP Media Group:"The Market comes on the heels of the launch of Time Out Riyadh in 2021, established to help people discover the best of this rapidly developing city - just as we have done globally for more than 50 years. Our brand is about celebrating home-grown creativity, giving local talent a platform and letting a new generation of young, ambitious Saudis in the city share stories about the future they are building. We look forward to curating and showcasing the best of the city at Time Out Market Riyadh in Diriyah Square."
-ENDS-
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For further information, please contact: |
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Time Out Group plc |
Tel: +44 (0) 207 813 3000 |
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Chris Ohlund, CEO |
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Steven Tredget, Investor Relations Director |
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Liberum (Nominated Adviser and Broker) |
Tel: +44 (0) 203 100 2222 |
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Andrew Godber / Edward Thomas / Clayton Bush |
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FTI Consulting LLP |
Tel: +44 (0) 203 727 1000 |
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Edward Bridges / Stephanie Ellis / Fiona Walker |
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Notes to editors
About Time Out Group
Time Out Group is a global media and hospitality business that inspires and helps people experience the best of the city through its two divisions - Time Out Media and Time Out Market. Time Out launched in London in 1968 to help people discover the exciting new urban cultures that had started up all over the city - today it is the only global brand dedicated to city life. Professional journalists curate and create content about the best things to Do, See and Eat across 333 cities in 59 countries and across a unique multi-platform model spanning both digital and physical channels. Time Out Market is the world's first editorially curated food and cultural market, bringing a city's best chefs, restaurateurs and unique cultural experiences together under one roof. The portfolio includes seven open Markets, several new locations with expected opening dates in 2023 and beyond, in addition to a pipeline of further locations in advanced discussions. Time Out Group PLC, listed on AIM, is headquartered in the United Kingdom.
About Diriyah Gate Development Authority (DGDA)
Diriyah Gate Development Authority (DGDA) was established in July 2017 to preserve Diriyah's history, celebrate its community and develop the historic UNESCO World Heritage site of At-Turaif into one of the world's greatest gathering places at the heart of Saudi culture and heritage.
DGDA is focused on the protection, preservation and celebration of the Kingdom's history, including the stories of the Kingdom's ancestors and its physical heritage. In line with design, development and preservation standards, DGDA will create an environment that enhances Diriyah's historic, national and international relevance including the preservation of At-Turaif.
DGDA is transforming Diriyah into one of the region's foremost destinations for cultural knowledge-sharing activities and international events. By creating rich experiences that narrate the stories of Saudi Arabia's history, instilling a sense of Saudi pride and creating globally renowned destinations and landmarks, DGDA aspires to develop Diriyah into one of the world's greatest gathering places. The Authority is ensuring Diriyah's cultural landmarks are complemented by leading hospitality brands, fine dining experiences and world-class retail offerings.
DGDA is also devoted to enabling the people of Diriyah to achieve their goals, celebrating the local community and showcasing social, cultural and historical achievements, thereby connecting with Saudi Arabia's roots and creating solid foundations on which to build the best possible future for the community.
DGDA works alongside Diriyah's executive bodies, as the primary regulator for the supervisory area (190 sq km) and will exercise best practice in Land Management and Building Permit and License issuance and oversight
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