Souq7, the open-air, mixed-use market destination in Jeddah, developed by Azad Properties, has received the Special Jury Award in the Urban Regeneration category at the MAPIC Awards 2026, presented in Cannes before the global retail <a href="https://industrymovement.com/ares-commercial-real-estate-corp-acre-q3-2026-earnings-call-highlights-portfolio-grows-40/" title="Ares Commercial Real Estate Corp (ACRE) (Q3 2026) Earnings Call Highlights: Portfolio Grows 40% …”>real estate industry. This marks a milestone for Souq7 as the first Saudi project to receive such a global award.
Held every November in Cannes since 1995, MAPIC is one of the world’s leading events for retail real estate, bringing together around 4,000 developers, investors, retailers and city leaders from some 75 countries.
Its awards recognize the projects and concepts the jury considers the most inspiring in the industry, and the Urban Regeneration category honors the regeneration of an urban area where retail has played a central role.
The Special Jury Award places Souq7 and Saudi Arabia’s retail regeneration journey firmly on the international stage.
For almost 50 years, the site was home to Prince Mutaib Markets, a landmark destination for value deals in Jeddah.
Azad Properties rebuilt it at the same address and for the same purpose: a 720,000 sqm district of 114 buildings, seven specialized zones and around 3,500 units, which held its grand opening in December 2025.
What sets Souq7 apart internationally is its integrated model. Few destinations anywhere in the world bring daily food shopping, fashion, electronics, furniture, building materials and automotive trade together with dining, hospitality, entertainment, sport and offices, in one open-air district organized like a traditional souq.
The regeneration followed a clear formula: keep the value Jeddah loved, add variety and create a modern experience, with shaded streets, Central Park, a shuttle bus linking all seven zones, the Souq7 app and a year-round calendar of activations.
Rawasheen-inspired facades, designed in collaboration with leading consultants, give the destination an authentic character rooted in Jeddah’s identity.
Behind the award is a concept that is unique, innovative and successful. It is unique in bringing traders, families and young people to the same open-air destination, each with their own reason to visit. It is innovative in how it was planned and how it runs: zones designed around the customer’s mission, architecture that reflects the nature of the products and activities in each zone, independent traders, major tenants and investors in Souq7, and a technology layer of more than 4,000 cameras with AI-enabled CCTV, smart poles, digital wayfinding and the Souq7 app. And it is successful: 93% of its lettable area was leased by the grand opening, and in less than a year, Souq7 has become part of everyday life in Jeddah.
Azad Properties invested SR1.5 billion in the project, creating 420,000 sqm of gross leasable area and an estimated 24,000 direct and indirect jobs.
Since the grand opening, Souq7 has welcomed more than 10 million visitors. A hotel and offices are planned within the district, and the project is helping drive improvements across 5 million sqm of surrounding land.
Ayman Al Burti, chief executive officer of Azad Properties, said: “This award belongs to Jeddah. For almost 50 years, people came to this market for value and the joy of discovery. We kept the soul of the souq and built a new standard around it, with more variety and a modern experience for the whole community. To be recognized by the MAPIC jury on the world stage shows that this model of regeneration can inspire cities well beyond Saudi Arabia.”
During MAPIC 2026, Majid Algothmi, chief operating officer of Azad Properties, presented Souq7 at the MAPIC Urban Regeneration Summit, taking an international audience of developers, investors and retailers through the project’s journey. He set the story against the growth of the Saudi economy, where wholesale, retail, restaurants and hotels account for 12.3% of GDP, alongside rising demand for value, with 46% of Saudi shoppers seeking affordably priced stores.
He then showed how Souq7 answered that demand with its promise of Value, Variety and Experience across seven zones, and how the regeneration is now creating a ripple effect in the surrounding community. Closing his presentation, he said: “For us, regeneration means giving a place a future that grows with its people.”
The global MAPIC Award crowns Souq7’s journey of achievements and its leadership as an exceptional model in retail and urban regeneration.
This international recognition reflects the project’s success in reimagining open-air commercial spaces in a way that balances authentic identity with the aspirations of a modern community, setting an advanced benchmark for sustainable urban destinations in the Kingdom and demonstrating its ability to compete and stand out at major global economic forums.
