Alandalus expects AlJawhara AlKubra project to commence operations in Q3 2022

Alandalus Property Co. said in a bourse statement that the construction of the AlJawhara AlKubra project is 12% complete.

The statement added that according to a report received from the developer partner, the construction of the project is expected to be completed by the second quarter (Q2) of 2022, and the project is expected to commence operations by the third quarter (Q3) of 2022

The statement further noted that the reasons for exceeding the previously announced completion date are, namely, amendment in designs, delayed final licenses, and disruption due to the precautionary measures taken by the Kingdom to combat coronavirus.

The company added that there is no change in the cost of the project.

The statement added that the title deed of the project's land has been transferred to the project’s company (AlJawhara AlKubra Real Estate Development and Investment Co.), with ownership distributed as follows:

- Alandalus Real Estate Co. 25%

- Jarir Commercial Dev. Co. 42%, and Mohammed AlHabib and Partners Real Estate Investment 33% (related parties).

The company will announce significant developments related to this project in due course.

Last year in February, the company had announced that the construction works are expected to be completed by the end of Q4 2021, Argaam reported.

In March 2017, Alandalus property Co. announced it had acquired a 25% common share in a plot of land in Jeddah for SAR 50.83 million. The plot, which has an area of 28,240 square meters, was intended to be used to set up a shopping mall in partnership with the other land owners, Argaam reported.