Jeddah – MENA Herald: Arabian Centres, the leading developer, owner and operator of international standard shopping malls in Saudi Arabia, today announced the opening of Yasmin Mall in a prime location in Jeddah.
With a total GLA of nearly 60,000 sq m, Yasmin Mall is located on Al Harameen Road in Jeddah, and will house 210 retail outlets, including a wide range entertainment and leisure options.
Commenting on the opening of the new mall, Simon Wilcock, CEO of Arabian Centres said: “We are delighted to open our fifth mall in Jeddah and our 18th across the Kingdom. Visitors will be greeted with a fantastic mix of retail, entertainment and leisure facilities. With an estimated annual footfall of nine million, Yasmin Mall is a fantastic destination for retailers seeking to build or further expand their brand in the Kingdom.”
Yasmin Mall is the 18th shopping centre in Arabian Centres’ rapidly growing retail real estate portfolio. Arabian Centres is currently developing 11 further shopping malls in the Kingdom that range in size from 45,000 sq m to 165,000 sq m, with launches spanning from Riyadh to Dhahran.
Once completed by 2018, the new developments will double Arabian Centres’ total portfolio to nearly 2 million sq m of gross leasable area (GLA), reinforcing its position as the number-one malls developer and operator in Saudi Arabia.
The expansion programme, which is also in line with the developer’s determined push to transform the Kingdom’s retail sector, will offer a host of world-class facilities for shopping, entertainment and leisure, thereby further enhancing the appeal of retail sector in Saudi Arabia.
The Kingdom’s thriving retail sector is expected to be a main beneficiary of the current diversification drive by the Government, and could potentially become engines of growth, productivity, and employment in the future. According to a recent report published by McKinsey, the retail sector has the potential to double its productivity in the next 15 years and generate up to 800,000 additional jobs for Saudi nationals. Additionally, the GDP contribution could grow by as much as $100 billion, a reflection of the robust growth opportunities for retail market.
Commenting on the market opportunities, Wilcock said: “By virtue of being the biggest retail market in the GCC, the demand for modern retail space in Saudi Arabia is very high. In part, this demand reflects significant growth opportunities that exist for retailers, and as the leading mall operators in the Kingdom we are determined to offer the most modern infrastructure and nationwide reach for retailers, thus enabling them to reach critical mass in a short period of time.”
“That being said, the launch of our 18th shopping centre marks a significant step in the retail transformation strategy, and we look forward to completing 11 planned developments in the next two years.”
Arabian Centres owns and operates four shopping centres in Jeddah that includes Mall of Arabia, Aziz Mall, Al Salaam Mall, and Haifaa Mall. In the Western region, the developer also owns Al Noor Mall in Madinah, Makkah Mall in Makkah, and Jouri Mall in Taif.