Arabian Centres Co., Saudi Arabian shopping centre developer and operator, has announced that construction of its shopping centres at Jawharat Al Riyadh and Jawharat Jeddah is showing steady progress.
Located near the intersection of King Khalid Road and Al Orouba Road, the project at Jawharat Al Riyadh is almost 15 per cent complete and will span 623,400 square metres.
The project began with an investment of SAR1.2 billion and is expected to boast a market value of SAR2.1 billion and create 7,000 jobs.
Arabian Centres Co. has received interest from brand tenants who will account for 148,400 square metres, approximately 70 per cent of the mall’s gross leasable area.
The mall is expected to open within the first six months of 2025.
Located near King Abdulaziz International Airport and Jeddah Yacht Club on the Jeddah Corniche, Jawharat Jeddah has reported that construction is 14 per cent complete.
Built with an investment of SAR1.1 billion, the centre is set to open next year.
To date, seventy per cent of the mall’s gross leasable area, 87,200 square metres, has been accounted for by interested brand tenants, with Arabian Centres Co. estimating a workforce of 5,000 employees.
“These are two truly unique concepts that Arabian Centres is bringing to the Kingdom, offering fully integrated retail and leisure locations that cater to residents of Riyadh and Jeddah inclusively,” said Mohamad Mourad, managing director of Arabian Centres Co
“We have set out an impressive growth strategy with the inherent aim of uplifting the standard of services, products and experiences to our customers.
“Simultaneously, we aim to deliver consistent added value to both our tenants that support their own growth in the country, fully supportive and in line with the objectives of Saudi Vision 2030.”
Prior to construction of both centres, Arabian Centres Co. signed with Riyadh Capital, the investment division of Riyadh Bank, raising SAR6.2 billion in investment funds.
“We will oversee and provide coverage for the funds, while the units of both funds will be fully owned by Arabian Centres,” said Sably Al Sably, CEO of Riyadh Capital.
“It will also retain the right of management and operation of the developed malls associated with these two CMA-licensed funds and as per the terms and conditions of the two funds.
“They later might be traded publicly as Real Estate Investment Traded Funds.”
While Arabian Centres Co. oversees development and management of the projects, funds are accelerating development, said the shopping centre operator.
With its upcoming shopping centres, Arabian Centres Co. operates 23 malls across 11 cities.
