The Saudi Arabian mall operator has awarded and signed the contract worth $68.6M to build a new shopping destination at a prime location.
According to a bourse filing on the Saudi Stock Exchange, Arabian Centres has signed a contract with Lynx Contracting Company that covers the construction and development of a commercial centre in Al-Madinah Al Munawwarah for 14 months.
The mall will be Arabian Centre’s second shopping destination in Al-Madinah and will boost the company’s total gross leasable area (GLA) offering by 57,000sq m.
A statement from Arabian Centres read: “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. Additionally, the Madinah Regional Municipality is keen to develop Al-Madinah Al-Munawwarah with quality projects that benefit its residents and visitors.”
Arabian Centres, which operates 21 shopping centres across the Kingdom of Saudi Arabia, launched a $650M sukuk or Islamic bonds in March.
