Time Out Group plc announced that it has entered into a management agreement with Diriyah Gate Development Authority to open a new Time Out 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.