Saudi Arabia’s Arabian Centres and National Housing Company have signed an agreement to build a full-service commercial mall in the company’s Murcia project in Riyadh’s Al Jawan Suburb.
The mall will span 180,000 square metres and house closed and open spaces, green areas, water fountains, 150 leasable outlets and 3,500 parking spaces.
With a gross leasable area of 45,000 square metres, the mall will offer customers international and local fashion brands, casual dining outlets, a hypermarket, a cinema and other entertainment concepts and services.
The shopping mall is set to open in the first half of 2025.
The project sees SAR260 million invested in construction and building development operations.
Upon approval of the mall’s structure and design, construction will begin in the second half of this year.
The agreement entails forming a new company under the National Housing Company with a working capital of SAR130 million, paid equally by both parties.
The company will lease the land for SAR340 million to be paid in annual payments.
The residential Murcia district spans 2.7 million square metres, with 5,000 homes and 570 apartments.
Arabian Centres Co. is currently constructing shopping centres at Jawharat Al Riyadh and Jawharat Jeddah and reported steady progress last month.
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.
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.
With its upcoming centres, Arabian Centres Co. operates 23 malls in the Kingdom across 11 cities.