Arabian Centres Co. is pleased to announce the commencement of its infrastructure development works at its freehold plot in Al-Jazirah neighborhood of Buraidah city in Al-Qassim, under the name “Jouri project”. The plot has a total area of 1.6 million square meters and will include a fully integrated mix-use complex on an area of 1.2 million square meters, adjacent to the iconic mall “Qassim U Walk” that is being currently developed on an area of 400 thousand square meters. “Qassim U Walk” will offer a unique modern design blending indoor and outdoor spaces overlooking water features, while dedicating approximately half of the mall’s mix to entertainment facilities like cineplexes, casual dining in restaurants and cafes, beside the retail area.
The Company will develop the Jouri project as a first of its kind integrated mix-use complex in the region aiming to match the utmost modern lifestyles, which makes it a unique model for the mix-use projects in Qassim region. The project will house a large park measuring 148.4 thousand square meters, pedestrian footpaths, bicycle lanes, outdoor sports facilities, and other distinctive green spaces.
The Company estimates net proceeds from sale of the residential plots of approximately SAR 750 Million upon the sale of all developed plots. The Company also expects the positive impact on its financial statements out of this project to start during the first half of FY2023, with the project development costs to be financed through the proceeds from the off-plan unit sales.
Arabian Centres’ MD & Acting CEO, Mohamad Mourad, commented: “The Company’s commencement of infrastructure development of Jouri project, following our announcement in November 2021 that the Ministry of Municipal Affairs’ Off-Plan Sale or Rent Committee (Wafi) had granted Arabian Centres the Real Estate Developer Qualification Certificate, came to enhance the lifestyle experience of Qassim’s residents and to create local jobs in the spirit of local social responsibility. In addition, innovative projects such as the Jouri project will strengthen the Company’s financial flexibility and will further maximize the value we generate to our shareholders.” Mr. Mourad also affirmed that we remain firmly focused on our role as the leading shopping mall developer and operator in the Kingdom.
