Saudi Arabia’s mall operator Arabian Centres Co. has a market share of 14.3 percent of the total retail space for rent in the big cities around the Kingdom, including Jeddah, Dammam, Riyadh and Makkah at the end of 2018.
According to company’s initial public offering (IPO) prospectus, the company has a market share of around 46 percent and 47 percent of the regional commercial centres and the large regional shopping malls respectively around the Kingdom, versus the retail space for rent in the four major cities.
|
Company’s & Competitors Market Share in 2018 |
|||
|
Number |
Owner/developer |
Gross Leasable Area (‘000 SQM) |
Market share % |
|
1 |
Arabian Centres |
845.3 |
14.3 % |
|
2 |
Asala Holding/Hamat Property |
362.3 |
6.1 % |
|
3 |
Kinan International |
206.4 |
3.5 % |
|
4 |
Al Othaim Real Estate Investment and Development (ORIDCO) |
173.3 |
2.9 % |
|
5 |
Alandalus Property |
256.9 |
4.3 % |
|
6 |
SEDCO |
132.0 |
2.2 % |
The company acquired 28 percent, 17 percent, 11 percent and 3 percent of the total retail space for rent in Jeddah, Dammam, Riyadh and Makkah consecutively.
|
Company’s Market Share in Big Cities |
|||
|
City |
Gross Leasable Area in malls allocated for retailers (‘000 SQM) |
Gross Leasable Area in Arabian Centres’ malls (‘000 SQM) |
Company’s market share % |
|
Riyadh |
2.15 |
235.9 |
11 % |
|
Jeddah |
1.42 |
390.3 |
28 % |
|
Dammam |
1.08 |
181.6 |
17 % |
|
Makkah |
1.26 |
37.5 |
3 % |
|
Total |
5.92 |
845.3 |
14 % |
Arabian Centres raised Riyadh retail space from 182,000 square meters (sq m) in 2014 to around 236,000 sq m by the end of 2018. The company’s market share remained unchanged at 11 percent in Riyadh.
|
Company’s Market Share in Riyadh (‘000 SQM) |
|||
|
Year |
Total allocated area |
Company’s owned area |
Company’s market share % |
|
2014 |
1,605 |
182 |
11 % |
|
2015 |
1,690 |
182 |
11 % |
|
2016 |
1,841 |
236 |
13 % |
|
2017 |
2,055 |
236 |
11 % |
|
2018 |
2,154 |
236 |
11 % |
|
Company’s & Competitors Market Share in Riyadh |
|||
|
Owner/developer |
Number of malls |
Gross Leasable Area (‘000 SQM) |
Market share % |
|
Asala Holding/Hamat Property |
5 |
253.0 |
11.7 % |
|
Arabian Centres |
6 |
235.9 |
10.9 % |
|
Al Othaim Real Estate Investment and Development (ORIDCO) |
2 |
109.3 |
5.1 % |
|
Saleh Abdul Aziz Al Rajhi |
1 |
108.9 |
5.1 % |
|
Kinan International |
3 |
108.6 |
5.0 % |
|
Alandalus Property |
4 |
106.5 |
4.9 % |
|
Dar Al Arkan |
1 |
76.5 |
3.6 % |
|
Hiwar Al Rabaa |
1 |
55.0 |
2.6 % |
|
Unified Real Estate Development |
5 |
40.6 |
1.9 % |
|
Emaar/Ithraa International |
1 |
36.7 |
1.7 % |
|
Elegant Hotels Co. |
1 |
7.5 |
0.3 % |
In Jeddah, the company boosted its commercial space from 335,000 sq m in 2014 to around 390,000 sq m by the end of 2018, with a market share of 28 percent.
|
Company’s Market Share in Jeddah (‘000 SQM) |
|||
|
Year |
Total allocated area |
Company’s owned area |
Company’s market share % |
|
2014 |
1,234 |
335 |
27 % |
|
2015 |
1,242 |
335 |
27 % |
|
2016 |
1,341 |
390 |
29 % |
|
2017 |
1,387 |
390 |
28 % |
|
2018 |
1,419 |
390 |
28 % |
|
Company’s & Competitors Market Share in Jeddah |
|||
|
Owner/developer |
Number of malls |
Gross Leasable Area (‘000 SQM) |
Market share % |
|
Arabian Centres |
5 |
390.3 |
27.5 % |
|
SEDCO |
2 |
132.0 |
9.3 % |
|
Alandalus Property |
2 |
105.4 |
7.4 % |
|
Kinan International |
3 |
68.8 |
4.8 % |
|
Asala Holding/Hamat Property |
1 |
19.3 |
1.4 % |
Arabian Centres increased its commercial space in Dammam from 161,000 sq m in 2014 to around 182,000 by the end of 2018, with an unchanged market share at 17 percent.
|
Company’s Market Share in Dammam (‘000 SQM) |
|||
|
Year |
Total allocated area |
Company’s owned area |
Company’s market share % |
|
2014 |
917 |
161 |
17 % |
|
2015 |
929 |
182 |
19 % |
|
2016 |
965 |
182 |
18 % |
|
2017 |
1,044 |
182 |
17 % |
|
2018 |
1,080 |
182 |
17 % |
|
Company’s & Competitors Market Share in Dammam |
|||
|
Owner/developer |
Number of malls |
Gross Leasable Area (‘000 SQM) |
Market share % |
|
Arabian Centres |
2 |
181.6 |
16.8 % |
|
Asala Holding/Hamat Property |
1 |
90.0 |
8.3 % |
|
Al Othaim Real Estate Investment and Development (ORIDCO) |
1 |
64.0 |
5.9 % |
|
Al Jedai Group |
1 |
56.0 |
5.2 % |
|
Alandalus Property |
1 |
45.0 |
4.2 % |
|
Gulf Real Estate Co. |
1 |
33.6 |
3.1 % |
|
Kinan International |
2 |
20.2 |
1.9 % |
The company’s commercial space in Makkah remained unchanged at 37,000 sq m during the period 2014-2018 with a market share of 3 percent.
|
Company’s Market Share in Makkah (‘000 SQM) |
|||
|
Year |
Total allocated area |
Company’s owned area |
Company’s market share % |
|
2014 |
1,205 |
37 |
3% |
|
2015 |
1,205 |
37 |
3% |
|
2016 |
1,227 |
37 |
3% |
|
2017 |
1,245 |
37 |
3% |
|
2018 |
1,265 |
37 |
3% |
|
Company’s & Competitors Market Share in Makkah |
|||
|
Owner/developer |
Number of malls |
Gross Leasable Area (‘000 SQM) |
Market share % |
|
Jabal Omar/Nasmah |
2 |
39.0 |
3.1 % |
|
Arabian Centres |
1 |
37.5 |
3.0 % |
|
Bin Laden Group |
1 |
36.0 |
2.8 % |
|
Balubaid Group |
1 |
24.0 |
1.9 % |
|
Al Diyafa Real Estate Co./OZCO |
1 |
24.0 |
1.9 % |
|
Makkah Construction |
1 |
14.0 |
1.1 % |
|
Wejhat Al Edarah |
1 |
13.0 |
1.0 % |
|
Kinan International |
1 |
8.9 |
0.7 % |
|
Ittihad Takaful |
1 |
7.0 |
0.6 % |
|
Al Amoodi Group |
1 |
7.2 |
0.6 % |
|
Al Washmi Investment |
1 |
7.2 |
0.6 % |
|
Ajwad |
1 |
4.9 |
0.4 % |
Arabian Centres was established in 2002 as a closed joint stock company. It is a subsidiary of Fawaz Alhokair Group and specializes in mall management, tenant relations and leasing.
Arabian Centres has a portfolio of 19 assets strategically located in ten major Saudi cities. The company operates Mall of Arabia, Mall of Dhahran, and Nakheel Mall.
The company will launch its initial public offering (IPO) for retail investors today, Thursday, May 9. The offering will extend today only until 11:59 PM.
Retail investors will subscribe to 9.5 million shares, at SAR 26 per share.
The Capital Market Authority (CMA) approved on April 15 the company’s request to float 95 million shares, or 20 percent of its capital in a public offering.
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