Arabian Centres Co. has signed a lease agreement to invest between SAR1 billion and SAR3 billion to develop a shopping mall in Al Khobar.
Jawharat Al Khobar, expected to open in the first half of 2026, comes as part of the developer’s expansion plans.
The project marks Arabian Centres Co.’s sixth in the Eastern Province and 30th in the Kingdom.
The lease, which was signed for 30 years, is worth an annual average of SAR51.5 million.
Covering 300,000 square metres, the land sits on Al Khurnaish beach and overlooks the Arabian Gulf.
The gross leasable area of the project will range between 130,000 and 150,000 square metres.
Jawharat Al Khobar is estimated to receive yearly revenues between SAR290 million and SAR330 million.
The project will also see other mixed-use commercial facilities, such as hotels and offices, added to the project after its inauguration, which are expected to increase returns by 30 per cent.
As part of its expansion, the developer is also currently constructing a full-service commercial mall in the National Housing Company’s Murcia project in Riyadh’s Al Jawan Suburb.
Built with an investment of SAR260 million, the mall will span 180,000 square metres and is set to open in the first half of 2025.
Arabian Centres Co. is also 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 net year.
With its upcoming centres, Arabian Centres Co. operates 24 malls in the Kingdom across 11 cities.
