Abdullah Al Othaim Investment mulls opening 20 malls worth over SAR 10 bln by 2030

Logo of Abdullah Al Othaim Investment Co.

Abdullah Al Othaim Investment Co. (Othaim Mall) announced its expansion plan, which includes opening 20 new malls worth over SAR 10 billion by 2030.

The company said in a statement that the move will bring its total number of malls to 30 by 2030.

New malls will be opened in Jubail, Al-Khobar, Jeddah, Makkah, Madinah, Tabuk, Jazan, Al-Kharj, Abha, Najran, Sakaka, Yanbu, Al-Mithnab, and Qatif.

The company expects to create nearly 30,000 jobs for Saudis by 2030.

Othaim Mall is a subsidiary of Abdullah Al Othaim Holding, which owns a stake in Tadawul-listed Abdullah Al Othaim Markets Co.

According to data compiled by Argaam, the company was mulling an initial public offering (IPO) in 2020.

It owns eight shopping malls, namely, Al Othaim Mall Rabwa, Riyadh, Al Othaim Mall Khurais, Riyadh, Al Othaim Mall Buraidah, Al Othaim Mall Unaizah, Al Othaim Mall Dammam, Al Othaim Mall Al Ehsaa, Grand Mall Hail and Arar Mall.