TIDMTMO
RNS Number : 9825H
Time Out Group plc
30 November 2022
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-
For further information, please contact:
Time Out Group plc Tel: +44 (0) 207
813 3000
Chris Ohlund, CEO
Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker) Tel: +44 (0) 203
100 2222
Andrew Godber / Edward Thomas / Clayton
Bush
FTI Consulting LLP Tel: +44 (0) 203
727 1000
Edward Bridges / Stephanie Ellis / Fiona
Walker
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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END
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