31 May 2005
Beirut (APD) - In the framework of its expansion strategy, the Saudi-based real estate firm Mohammed Al Habib Holding announced plans to invest $119.6 million in two shopping centers in Saudi Arabia, the London-based daily ASHARQ AL-AWSAT reported Tuesday.

Abha Mega Mall in Aseer (southern Saudi Arabia), which will cost $26.6 million, is scheduled to be launched at the beginning of August 2005, Saleh Al Habib the company's general manager said. While Al Hayat Mall in Riyadh with a total cost of $93 million is still under construction, he added.

"With an area of 50,000 square meters, Abha Mega Mall is the first of its kind in the region", he exclaimed.

The Mall will boasts 205 shops divided into two floors, each having an area of 17,500 square meters, in addition to restaurants, entertainment centers and parking lots.

Al Habib revealed that representatives of international brand names will rent 90% of the shops in Abha Mall indicating that these shops will be their first branches in the Southern Province.

"We studied the market needs in the region; Shoppers in Abha had to travel to Jeddah in order to do some of their shopping", he explained.

"We also have two other projects: the Andalus Complex in Jeddah and Jarir Mall in Khobar in the Eastern Province of Saudi Arabia", Al Habib stated without disclosing the costs and the plans for these projects. [SN-FC]

© APD (Arab Press Digest) 2005