Company has acquired a 47-acre plot in Mansoura to build the shopping mall
Saudi Arabia’s Arabian Centres Company is expecting to start the operation of its shopping mall in Egypt’s Mansoura by 2021, the company has said.
In a statement, first reported by Mubasher, the company said that it had acquired a 47-acre plot in Mansoura to build the shopping mall, which will be built according to the highest international standards.
The new mall is expected to create 10,000 indirect and direct jobs, Arabian Centres’ statement added.
Having gone public in May 2019, the company recently announced its interim financial results for the second quarter of 2019, which showed a 180.37% year-on-year profit hike.
The Saudi mall operator said that first quarter consolidated net profit almost trebled to $60.53 million as occupancy edged higher across its shopping centres, an Arab News report said. Revenues increased by around 2.5% over the year to $152.6 million.
Majority owned by Fawaz Alhokair Group; Arabian Centres Company is listed on the Tadawul stock exchange. The group aims to expand the company’s portfolio of malls to 27 within four years.