Arabian Centres breaks ground on Jouri project in Al Qassim

Logo of Arabian Centres Co.

Arabian Centres Co. (ACC) broke ground on the infrastructure development of Jouri project on its freehold plot in Al-Jazirah neighbourhood, Buraydah, Al Qassim. 

In a statement to Tadawul, ACC said the plot spans a total area of 1.6 million square meters (sqm) and will include a fully integrated mixed-use complex spread over 1.2 million sqm. 

The Jouri project is adjacent to U Walk Mall Qassim that is currently being developed on an area of 400,000 sqm.  

U Walk Qassim will offer a unique modern design that will blend indoor and outdoor spaces overlooking water features. Almost 50% of the gross leasable area (GLA) will be dedicated to entertainment facilities like cineplexes and casual dining, in addition to the retail area. 

ACC will develop the Jouri project as the first-of-its-kind integrated mixed-use complex in the region, aiming to match the modern lifestyles. (add sentence below plz as in Ar.)  

The project includes a large park spread over 148,400 sqm, pedestrian footpaths, bicycle lanes, outdoor sports facilities, and other distinctive green spaces. 

The mall developer estimates SAR 750 million as net proceeds from sale of the residential plots, following the sale of all developed plots.

The positive impact is expected on ACC’s financial statements during the first half of 2023. The project development costs will be financed through the proceeds from the off-plan unit sales, the statement noted.

“The company’s commencement of infrastructure development of Jouri project came to enhance the lifestyle experience of Qassim’s residents and to create local jobs in the spirit of local social responsibility,” Mohamad Mourad, Managing Director and Acting CEO, said in the statement.

“In addition, innovative projects such as the Jouri project will strengthen the company’s financial flexibility and will further maximize the value we generate to our shareholders,” he added.

Mourad also affirmed that ACC remains firmly focused on its role as the leading shopping mall developer and operator in the Kingdom.