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Dar Al Arkan and Al Othaim Company Sign an Agreement For the Lease of 10,693 Sq. mtr. For Alqasr Mall Amusement City (Safori Land)

Al-Shalash: We Have Accomplished the Lease of More Than 75% of the Mall Space in the Shortest Period of Time

Dar Al Arkan Real Estate Development Company has signed an agreement with AlOthaim Investment and Real Estate Development Company whereby the latter leases, for fifteen years, an 10,693 square meters space at Alqasr Mall developed by Dar Al Arkan in Riyadh city. The leased space shall be used exclusively for utilizing and operating the recreational zone at Alqasr Mall by establishing "safori land" city on par with world's best. The agreement was signed by His Excellency Mr. Yousef Al-Shalash, Chairman, on behalf of Dar Al Arkan , and Mr. Fahad Abdullah Alothaim, CEO, on behalf of Al Othaim company.

Mr. Al-Shalash expressed his cheers for signing this agreement with Al Othaim for its deep-rooted expertise in amusement business, and for the presence of safori land indoor amusement park in Alqasr Mall as an attractive place of entertainment providing the most modern and distinctive games and means of amusement. Mr. Al-Shalash said that "Signing this agreement with Al Othaim company, which stands as a major amusement provider, underlies Dar Al Arkan efforts to attract large companies to invest in Alqasr Mall, serve the inhabitants of Alqasr project and adjacent districts, and boost the ambitions of shoppers and visitors".

Mr. Al-Shalash added "Thanks to Allah, we have accomplished the lease of more than 75% of the Mall leasable area in the shortest period of time. We have appealed to big commercial names in different businesses and signed a series of quality value-added agreements with major companies and world brand agents. This reflects Alqasr Mall features of attraction which constitute of success incentives for value-added investment perceived by our partner lessees", ensuring that these lessees have already embarked on works of decoration and furnishing for their outlets in preparation for the Mall launch during the next period.

Mr. Al-Shalash cited "Alqasr Mall represents a quality leap in commercial centers as implied by its charming and creative design, attraction of famed world and local brands, in addition to the its strategic location in a densely-populated area lacking shopping centers of a quality, as well as care given to providing shoppers, of different ages and nationalities, with a joyful shopping experience and catering to everyone's needs".

According to Mr. Al-Shalash the area occupied by Al Othaim company in the Mall will accommodate the first indoor snow village of its type in Riyadh city, as a means of attraction for mall shoppers, beside a first-of-its-kind theme park providing shoppers with amusement and pleasure.

Mr. Al-Shalash concluded "Alqasr Mall embracement of major companies and renowned world and local brands makes it a desirable place for shoppers" emphasizing that the opening of Alqasr Mall in the coming days will add a commercial momentum particularly to the area of mid-southern Riyadh.

Dar Al Arkan is the largest real estate developer in the Kingdom. It plans its projects on a comprehensive urban development approach. Beside its completed projects of Alqasr in Riyadh and AlTilal in Medina, the company is working on Alqasr Mall in Riyadh beside Shams Alriyadh project in Riyadh and the projects of Qasr Khozam and Shams Alarous in Jeddah.

© Press Release 2012