Arabian Centres Company has executed a strategic partnership with GIB Capital to establish a closed-end shariah-compliant real estate investment fund with initial capital of $266M.
The fund will facilitate the Qassim land sale programme and develop the U Walk Qassim mall, which is part of a one million square metre mixed-use Tijan scheme located in Buraidah, in the Qassim region of Saudi Arabia, said Arabian Centres Company in its filing to Saudi bourse Tadawul.
Construction of the mall is likely to resume in December and is set for completion in Q4 2026. Cenomi Centers will manage and operate the 60,000sq m GLA U Walk Qassim on completion, which will include over 135 retail stores.
According to the Saudi retail pioneer, the fund will help develop and market the surrounding lands for residential, offices and leisure, aligning with its ambitious investment vision for the region.
