Arabian Centres reopens Mall of Dhahran in Eastern Province

Reference to the announcement of 15 May 2022 made by Arabian Centres Company (“ACC” or “the Company”) on the Saudi Exchange website with regards to the partial fire outbreak at Mall of Dhahran in Eastern Province, ACC announces that the mall has reopened its doors on Tuesday 07 June 2022, with an exception to some damaged parts that the Company is currently working on restoring them to be reopened during the upcoming few weeks. As for the part affected directly by the fire, which forms less than 10% of the Mall’s GLA, the Company is currently putting in place a thorough plan to restore it properly that would require couple of months for it to reopen.

On this regard, the Company is renewing its high gratitude to the Civil Defense and all the other respective authorities whose efforts helped to contain the fire and mitigate the damage.

With regards to the financial impact of the incident on ACC’s financial statements, the Company expects it not to exceed SAR 25 million taking into consideration the full insurance coverage policy, where the damage confinement procedures with the insurance company are still underway. The financial impact is expected to appear on ACC’s financial statements starting from the first quarter of FY2023.

This came after the previous Arabian Centres announcement on Tadawul’s Website 2022-05-15 Corresponding to 1443-10-14 concerning partial fire outbreak at Mall of Dhahran in Eastern Province.