Saudi's Arabian Centres opens $746mln Nakheel Mall extension

New development expands mall operator's GLA by 16,000 square metres

  
Image used for illustrative purpose. Foreign workers wearing protective face masks and gloves work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

Image used for illustrative purpose. Foreign workers wearing protective face masks and gloves work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

REUTERS/Ahmed Yosri

Saudi Arabia-based Arabian Centres Company has opened the extension of Nakheel Mall in Riyadh, boosting the company’s gross leasable area (GLA) by 16,000 square metres.

The shopping mall operator said on Sunday that the latest retail offering features a large cineplex with 13 screens and 1,520 seating capacity.

The extension also includes 73 commercial outlets that will host premium international and local brands in the food and beverage, fashion and cosmetics sectors, the operator said in a bourse filing at the Saudi Stock Exchange (Tadawul).

The mall’s extension has been developed on a leased land, with total investments amounting to 255 million Saudi riyals ($67.9 million).

“The financial impact of this extension shall begin to appear from the third fiscal quarter ending [December 31, 2020},” said the company.

Arabian Centres has more than a dozen mall properties in its portfolio. It went public in 2019 with a 2.8 billion riyal ($746 million) initial public offering in the kingdom.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020

More From Construction