“Arabian Centers” Inaugurate Jeddah Park

The Arabian Centers Company Ltd announced on Thursday the opening of Jeddah Park.

The Saudi Arabia-based company said that this Centre is the 22^ND one in its commercial centers portfolio.

The company is the largest owner, developer and operator of contemporary lifestyle centers in Saudi Arabia.

The Centre has a total rental area of 126,500 square meters and has more than 350 shops that will house the highest global and local fashion, beauty, food and beverage brands, the company said.

The Arab Centers Company will lease, manage, operate and maintain the Centre in accordance with the Management and Operation Agreement signed with the owner of the Centre and released on the Saudi Tadawul website on October 25, 2020.

In pursuance to the Company’s strategy using the asset light model, which will contribute to enhancing the Company’s financial flexibility to expand its operations.

Arabian Centers has a portfolio of 22 assets strategically located in 11 major Saudi cities. The Company operates some of the most iconic lifestyle centers, including Mall of Arabia, Mall of Dhahran, and Nakheel Mall, recognized at the Arab Luxury World Forum, in 2017, as being consumers’ favorite shopping mall in Riyadh.

The financial impact of opening such a center, shall be reflected on the company’s financial lists, as of the second financial quarter ending on September 30, 2021.