Saudi-Lebanese real estate developer Red House Real Estate Development House (RED) has launched its first outlet complex in Saudi Arabia, Trade Arabia reports.

Riyadh Outlet Village will  comprise a traditional Saudi souq (marketplace) where Saudi designers and skilled artisans would display their products.

Mazen Al-Beaini, RED House chairman said that the project will be financed by a closed investment fund worth $67 mn through one of Saudi’s largest financial companies.

The new complex is being developed as a themed multi-purpose shopping, recreational and cultural destination, according to a top official.

It will cover an area of 160,000-square-meters located on King Fahd Road, north of Riyadh.

The complex will also have prime brands of  home appliances, furniture, sporting goods.