Retail focused owner, operator and development firm Arabian Centres has said that it plans to build an outdoor shopping centre at a prime location in Madinah City, Saudi Arabia. Boulevard U Walk will be the second addition to Arabian Centres’ portfolio of shopping centres in Madinah, following the opening of the Al Noor Mall.
According to a statement, the new mall is set to be built on the lines of its successful predecessor, the U-Walk Centre at Riyadh, which opened in September 2019.
Arabian Centres said this project aligns with its broad strategy to expand within the lifestyle shopping centers space, which includes various entertainment destinations such as cinemas, luxurious restaurants and cafes, in addition to retail stores.
In its filing to the Saudi bourse Tadawul, Arabian Centres says it has already inked a 25-year lease and investment agreement with Madinah Regional Municipality for investing in a vacant plot at the intersection of King Salman bin Abdulaziz Road and King Abdulaziz Road. The firm says the annual rental for the plot will be $268,150.
Arabian Centres said it currently has a portfolio of 21 assets strategically located in 11 major Saudi cities, and expects to add about 57,000sqm to its gross leasable areas (GLA) in the future.