REG - Time Out Group plc - New Time Out Market - Riyadh (Mgmt Agreement)

Time OutAnnouncement

30/11/2022 07:00

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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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