Arabian Centres completes $68m Phase 1 extension on Nakheel Mall

Saudi Arabian Stock Market-listed Arabian Centres Company — owner and operator of shopping malls in Saudi Arabia — has marked completion on the $68m (SAR255m) Phase 1 extension on Nakheel Mall in Riyadh. In a stock market filing on Tadawul, the company said that the mall had a soft opening on 24 September 2020, adding that the extension brings 16,000m2 of additional gross leasable area (GLA) to the mall. It added: “It’s worth mentioning that the extension will boast a large cineplex, with 13 screens utilising the latest technology, and 1,520 seats, which is officially opened as well, occupying 5,000m2.” Additionally, the extension includes 73 commercial outlets that will host international and local restaurants, cafés, fashion, and cosmetics brands. According to the company, the financial impact of the extension project will “begin to appear” from the third fiscal quarter ending on 31 December 2020. In May, this year, Arabian Centres Company saw the former CEO Olivier Nougarou resign from his position effective 14 May 2020. Following Nougarou’s resignation, upon the recommendation of the Remuneration and Nominations Committee, the board of directors approved the appointment of Faisal Abdullah Al Jedaie as CEO of the company effective 17 May 2020. Meanwhile, Nougarou continued to be a part of the company as the senior advisor for strategy and growth to the board.