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Saudi mall developer Arabian Centres Company (ACC) announced on Thursday that it has signed a lease and investment agreement to develop Jawharat Al-Khobar Mall and mixed-use commercial facilities (hotel and offices) on 300,000 square metres (sqm) of land located north of Al-Khobar city in Al-Kurnaish district.
The company said in a stock exchange statement that it plans to build the Mall in the coming six months with a budgeted development cost of between 1 billion to 1.3 billion Saudi riyals ($266 million to $346 million).
The Mall will have between 130,000 to 150,000 sqm of gross leasing area (GLA), the statement said, adding that it is anticipated to open between the second half of 2025 and the first half of 2026.
Details of the mall, rendering, facilities and financing model would be disclosed later, the statement said.
Jawharat Al-Khobar Mall would be ACC’s third lifestyle destination as part of its mall portfolio, alongside Jawharat Al-Riyadh Mall and Jawharat Jeddah Mall (both currently under development).
With the new development, ACC will have six malls in its Eastern Province, taking the total number to 30 across the Kingdom, the statement concluded.
(Writing by Senthil Palanisamy; Editing by Anoop Menon)
