Arabian Centres to receive 22% of Marina Mall Jubail revenue for management services

Logo of Arabian Centres Co.

Arabian Centres Co. (ACC) announced today, April 20, signing a management and operation agreement for Marina Mall Jubail, a newly developed mall at Dareen International Marina project in Jubail Industrial City, in consideration of 22% of the mall’s annual revenue.

ACC will lease, manage, operate and maintain Marina Mall Jubail, on behalf of the main contractor and developer, Alghanim International Co. in consideration of a percentage of the mall’s annual revenue. Under the agreement, ACC will select and employ the administrative and technical staff to manage and operate the mall, and will also appoint maintenance, cleaning and security contractors. The company will also prepare a marketing and leasing plan for the mall’s entire gross leasable area (GLA).

Under the agreement, the company will select and employ the administrative and technical staff to manage and operate the mall, and will also appoint maintenance, cleaning and security contractors. ACC will also prepare a marketing and leasing plan for the mall’s entire gross leasable area (GLA).

The agreement is valid for 11 years from the signing date, and is renewable to another term upon the parties’ consent. The agreement is likely to have a positive impact on the company’s financial results upon the mall’s launch, which is expected in the second half of 2023.

The company’s management continues to deem similar management and operating agreements as an important means of developing its pioneering asset-light model. This model enables ACC to continue expanding its operational presence across Saudi Arabia while optimizing costs and maintaining the financial flexibility to scale operations and quickly launch new locations. As ACC continues to develop a replicable plug-and-play model for operating and managing shopping centres, it enhances its ability to mitigate business risks.

The two-floor mall has a built-up area of 93,000 square meters (sqm). It will bring online nearly 30,000 sqm of additional GLA to the company’s growing portfolio. Furthermore, the mall has been designed to cope up with the utmost modern lifestyle patterns; where 65% of the mall’s GLA has been allocated to entertainment (cinema and gaming), food and beverage, and services categories. The remaining 35% has been allocated to fashion and beauty.

The company is currently working on hosting a world-class range of brands specialized in these categories under the roof of this upcoming lifestyle destination.

Marina Mall Jubail is part of Dareen International Marina project. The project is considered as a modern integrated mixed-use project surrounding the Dareen International Marina Basin with the capacity of 306 yacht berths. It also includes residential and commercial plots, hotel facilities, and an extensive marina walk surrounding the marina basin. Dareen International Marina is considered as an extension of the waterfront in Jubail Industrial City and represents a major tourist dimension at the GCC region level, as the second marina in the governorate.