RIYADH: Shares of Arabian Centres Co. rose 1.24 percent at the close of Thursday’s trading session at SR19.64 ($5.23), following the signing of a contract for the opening of a new mall in the Eastern Province.
Also known as Almrakez, the mall operator has signed a SR970 million ($258 million) lease and investment agreement for the development of a mall under the name of Jawharat Al-Khobar on a 300,000 square meter site in Al-Khobar.
The mall, which will cost SR1 billion to SR1.3 billion to develop, is expected to generate SR290 million to SR330 million in annual revenues, according to ACC’s bourse filing
The new mall is set to open in 2025 or early 2026, and will become the sixth addition to ACC malls' portfolio in Eastern Province and the 30th addition to ACC malls' portfolio in the Kingdom.
