Souq7, a modern open-air mixed-use destination in Jeddah, has received the Special Jury Award in the Urban Regeneration category at the MAPIC Awards 2026 in Cannes, France. Developed by Azad Properties, the project becomes the first Saudi development to receive this international recognition.
The award was presented on November 3 at MAPIC, one of the retail real estate industry’s leading international events. Held annually in Cannes, MAPIC brings together developers, investors, retailers and city leaders from around 75 countries. Its Urban Regeneration category recognises projects that revitalise urban areas through retail-led development.
Transforming a Jeddah Landmark
Souq7 was developed on the former site of Prince Mutaib Markets, which served as a popular shopping destination in Jeddah for almost 50 years. Azad Properties redeveloped the location while retaining its original focus on value and variety.
Officially opened in December 2025, the development covers 720,000 square metres and includes 114 buildings, seven specialised zones and approximately 3,500 commercial units.
Its retail offering brings together food shopping, fashion, electronics, furniture, building materials and automotive businesses, alongside dining, hospitality, entertainment, sports and office spaces.
The development combines the traditional open-air souq concept with modern facilities, including shaded streets, Central Park, a shuttle service connecting all seven zones and the Souq7 mobile application. Its architecture also incorporates design elements inspired by Jeddah’s traditional Rawasheen façades.
Investment, Visitors and Economic Impact
Azad Properties invested SAR 1.5 billion in the project, which provides 420,000 square metres of gross leasable area and is estimated to generate 24,000 direct and indirect jobs.
According to the company, 93% of the leasable area had been leased by the time of the grand opening. Since then, Souq7 has welcomed more than 10 million visitors.
Plans for the district also include a hotel and office spaces, while the development is contributing to improvements across an estimated five million square metres of surrounding land.
The project incorporates technology and operational features such as more than 4,000 cameras with AI-enabled CCTV, smart poles, digital wayfinding and the Souq7 application.
Ayman Al Burti, Chief Executive Officer of Azad Properties, said the award recognises Jeddah’s long-standing relationship with the market.
He said the development retained the spirit of the original souq while introducing greater variety and a modern experience for the community. He added that the international recognition demonstrates how the project’s approach to urban regeneration could inspire other cities beyond Saudi Arabia.
Souq7 Presented at MAPIC Urban Regeneration Summit
During MAPIC 2026, Majid Algothmi, Chief Operating Officer of Azad Properties, presented the Souq7 development journey at the MAPIC Urban Regeneration Summit.
His presentation highlighted the growth of Saudi Arabia’s economy, noting that wholesale, retail, restaurants and hotels account for 12.3% of GDP. He also pointed to rising demand for affordable shopping, with 46% of Saudi shoppers seeking stores offering accessible prices.
Algothmi explained how Souq7 addresses these expectations through its three core principles of Value, Variety and Experience, delivered across its seven specialised zones.
He also discussed the project’s wider contribution to the surrounding community, saying: “For us, regeneration means giving a place a future that grows with its people.”
The MAPIC recognition marks an important milestone for Souq7 and highlights Saudi Arabia’s growing presence in international retail and urban regeneration. By combining traditional market identity with modern retail, technology and community-focused experiences, the Jeddah development presents a model for the evolution of open-air commercial destinations in the Kingdom.
About Souq7
Souq7 is a modern open-air mixed-use market destination in Jeddah, bringing together seven specialised zones covering food, fashion, home, electronics, automotive, building materials and family entertainment. The development also features dining, hospitality, sports and wellness facilities.
About Azad Properties
Founded in 2017, Azad Properties is a Saudi real estate company focused on developing and operating retail and commercial destinations. The company aims to create sustainable, experience-led developments aligned with Saudi Vision 2030.
