Saudi Arabian mall operator Arabian Centres Co has awarded and signed the contract worth 257.3 million riyals ($68.6 million) to build a new shopping destination at a prime location.
The contract with Lynx Contracting Company covers the construction and development of a commercial centre in Al-Madinah Al Munawwarah for 14 months, according to a bourse filing on the Saudi Stock Exchange (Tadawul).
The second addition to the mall operator’s retail portfolio in Al-Madinah will boost its total gross leasable area (GLA) offering by 57,000 square metres.
Al Madinah has one of the fast-growing populations in the region and is considered a holy city Islam.
“This project comes in line with the company’s strategy of seizing opportunities and prime locations in areas where there is still an elevated demand for modern lifestyle destinations,” Arabian Centres said.
“Additionally, the Madinah Regional Municipality is keen to develop Al-Madinah Al-Munawwarah with quality projects that benefit its residents and visitors,” the company said.
Arabian Centres, which operates 21 shopping centres in the kingdom, launched a $650 million sukuk or Islamic bonds in March.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021