United Arab Emirates, Dubai, Business News: Arabian Centres Company has signed an agreement with Alghanim International Company Saudi Arabia, part of Fouad Alghanim & Sons Group of Companies, for the management and operation of Jubail Marina Mall, a newly established shopping center located in Jubail Industrial City.
The agreement comes as part of Arabian Centres’s strategy to accelerate and expand its presence and activities across Saudi Arabia. With the mall becoming operational, the total number of shopping centers managed and operated by the company across the Kingdom will reach 22, including five in the Eastern Province.
The agreement was signed by Mohamad Mourad, Managing Director of Arabian Centres and Altaf F. Alghanim, a board member at Fouad Alghanim & Sons Group, Accompanied by Fadi Haddad, President of Alghanim Company, and Hussain Al-Shalawi, Alghanim Company’s adviser in Saudi Arabia and Eng. Adel Alotaibi, VP of Alghanim Company Saudi Arabia. As well as Khalid Aljanahi, Chief Leasing Offier, Walead Alrebdi, Chief Financial Officer, and Ghassan Mtier, Chief Development and Delivery Officer at Arabian Centres.
As per the extendable 11-year agreement, Arabian Centres will lease, manage and operate Jubail Marina Mall. The mall is scheduled to be inaugurated in the second half of the fiscal year 2023 and will add 30,000 square meters of gross leasable area (GLA) to the company’s growing portfolio.
Jubail Marina Mall is part of Dareen Marina construction and operation project developed by Alghanim International Company Saudi Arabia under the supervision of the Royal Commission for Jubail and Yanbu. Hosting more than 300 yacht berths, the project is an extension of the waterfront in Jubail Industrial City, representing a major GCC tourist destination.
Spanning over 93,000 square meters, the mall is a two-story property, with 65 percent of its leasable area allocated for recreational activities (cinema, entertainment), food and beverages and general services. The remaining 35 percent will house a variety of fashion and lifestyle stores, offering a unique lifestyle experience for visitors.
Spread over an area of 107,000 square meters surrounding the marina basin, the multi-service project comprises residential and commercial plots, hotel facilities and an extensive walkway along the marina basin.
Speaking on the occasion, the Managing Director of Arabian Centres Company said: “The agreement marks another step forward in cooperation with Alghanim International Company, given its extensive experience in the creative development of tourist sites. This is especially true due to the unique location and elegant design of Jubail Marina Mall, which will serve as a model for Arabian Centres expansion strategy across the Kingdom while maintaining its leadership position in the sector.”
Commenting on the agreement, Altaf F. Alghanim, a board member of Alghanim International Company, said: “The group’s partnership with Arabian Centres, the leading mall operator in the Kingdom of Saudi Arabia, is a well-thought-out decision that will open doors for more opportunities for collaboration in the future. The project will add an important new commercial and tourist attraction to Jubail city in line with the new Saudi Vision and the aspirations of the Royal Commission for Jubail and Yanbu, the prime sponsor of the project.”
