Arabian Centres reopens Mall of Dhahran, expects blaze financial impact at SAR 25 mln

Logo of Arabian Centres Co. (ACC)

Arabian Centres Co. (AlMrakez) reopened, on June 7, the Mall of Dhahran with the exception of some areas which were slightly hit by the blaze, according to a bourse filing.

The remaining fire-hit parts are being repaired to be reopened within the coming few weeks, the company added, noting that it is mapping out a plan to properly rehabilitate the directly affected area which represents 10% of the mall’s gross leasable area (GLA), so that it can be opened within a few months.

The company’s initial estimations indicate that the blaze’s impact on its financial statements will not exceed SAR 25 million, given the full insurance coverage policy with the claim procedure already underway.

The relevant financial impact will likely appear on financials as of Q1 2023.

Arabian Centres announced that a blaze broke out at the Mall of Dhahran on May 13, Argaam reported.