Saudi malls operator turns into residential real estate developer

This change will grant financial flexibility to the company without the need to obtain bank facilities to execute such projects

  
People line up while practicing social distancing to use an ATM at a shopping mall after the Saudi government eased a curfew and allowed stores to open, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 2, 2020. Image for illustrative purposes.

People line up while practicing social distancing to use an ATM at a shopping mall after the Saudi government eased a curfew and allowed stores to open, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 2, 2020. Image for illustrative purposes.

REUTERS/Ahmed Yosri
RIYADH: Arabian Centers Co., the company known to build and operate Saudi biggest malls, are now turning into a residential real estate developer.

It obtained a qualification certificate from the Off-Plan Sale or Rent Committee (Wafi) to become an Off-plan real estate developer.

The company will now be able to develop residential projects and mixed-use lands directly and not through other residential developer, according to the company’s filing.

This change will grant financial flexibility to the company without the need to obtain bank facilities to execute such projects.

“This will add a new horizon to the company’s strategy, and we are currently evaluating and studying to develop lands, residential projects, and mixed-use lands on some of the Company’s owned land plots that are not specified for Commercial Centres development” said Faisal Al-Jedaie, Arabian Centres Co. CEO.

Arabian Centers currently owns a surplus land plots that are not intended for Commercial Centres developments, including one located at al Qassim, which is adjacent to Qassim Walk project that has a total area of 1.5 million sqm.

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