, a leading owner, operator and developer of contemporary lifestyle centres in Saudi Arabia, has announced plans to build an outdoor shopping centre, Boulevard U Walk, at a prime location in Madinah city.
Today, Arabian Centres has a portfolio of 21 assets strategically located in 11 major Saudi cities. It operates some of the most iconic lifestyle centres, including Mall of Arabia, Mall of Dhahran, and Nakheel Mall, which was recognized at the Arab Luxury World Forum in 2017 as being consumers' favourite shopping mall in Riyadh.
The new mall is set to be built on the lines of its successful predecessor the U-Walk Centre at Riyadh which opened in September last year.
Arabian Centres said this project comes in line with the company's broad strategy, which aims to expand within the lifestyle shopping centers that include various entertainment destinations such as cinemas, luxurious restaurants and cafes, in addition to retail stores.
It has already sealed a 25-year lease and investment agreement with Madinah Regional Municipality for investing in a vacant plot located at the intersection of King Salman bin Abdulaziz Road and King Abdulaziz Road for an annual rental charge of SR1.07 million ($268,150), said Arabian Centres in its filing to the Saudi bourse Tadawul.
It is expected to add about 57,000 sq m to its gross leasable areas (GLA), the statement added.
The financial impact of the agreement is expected to appear on its financial statements, especially on the balance sheet, from the third quarter of fiscal year 2021, ending December 31, 2020.-TradeArabia News Service