Arabian Centres Company (ACC) said on Wednesday that construction work on its two malls – the 1.8-billion-riyal ($480 million) Jawharat Riyadh in Riyadh, and the 1.1-billion-riyal ($293 million) Jawharat Jeddah in Jeddah - is 15 percent complete.

The updates were shared in a stock exchange statement on the finalisation of two closed-end real estate funds worth 6.2 billion riyals ($1.7 billion) with Riyad Capital to develop the two projects.

The statement said the two funds have secured the necessary funding, adding that the Riyadh project is scheduled to be completed by the first half of 2025, while the Jeddah project is expected to be completed in the first half of 2024.

(Writing by Senthil Palanisamy; Additional writing by D Madhura;  Editing by Anoop Menon)