Alandalus expects Al-Marwa Mall to begin ops in Q4

19/07/2018 Argaam

 

Alandalus Property has completed the construction of its 70 percent-owned Al-Marwa Mall in Jeddah, expecting it to commence operations by the end of Q4 2018, the company said in a statement to Tadawul on Thursday.

 

The company is finalizing the licenses required for launching the project.

 

The mall completion date was postponed from Q1 2018, due to delays in fulfillment of the required municipality procedures and licenses.

 

The financial impact of the new shopping center is likely to appear in Q1 2019, the statement added.

 

Alandalus added that there is no material change in the project construction costs to date.

 

The lease contract of the project land was transferred to the joint venture, established between Alandalus and Mohammed Abdulaziz Al Rajhi and Sons Investment Co.

 

Al-Marwa Mall is 30 percent-owned by Al Rajhi and Sons Investment Co.

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