Alandalus reveals updates on current projects

Alandalus Property Co. revealed on Thursday that Jeddah Municipality approved a decision to divide a land plot allocated for its jointly owned hospital with Sulaiman Al Habib Medical Group.

The land plot will be allocated for the construction of a hospital, residential units and a commercial mall, the developer said in a statement to Tadawul, adding that the project would not result in any financial impact at this stage.

As for its jointly-owned shopping mall project with Mohammed Abdulaziz Al-Rajhi & Sons Investment Co., Alandalus explained that the project’s final designs were amended and approved by Jeddah Municipality.

The measures related to issuing the final license for the mall are being currently finalized. Construction on the project will start in Q4-2016, with completion scheduled for Q4 2017. Commercial operations are expected to launch in Q1-2018.

Work on the Panorama Jeddah project is still in the design phase and construction is set to begin in Q4-2017. Operations are projected to start in Q4-2020. The project is not seen to have any material financial impact on results, the statement added.