Saudi Arabia's largest mall operator Arabian Centres Company has signed an agreement with Adeer Real Estate for the sale of noncore assets worth 2 billion Saudi riyals ($532.1 million).
The pact follows recent approval of the programme from the company’s board of directors to sell an identified portfolio of non-core landbank assets, with a book value of about 1.2bn riyals and a market valuation estimated at more than 2bn riyals, Arabian Centres said in a statement on Monday.
The assets were identified by a study that showed they were best suited for residential or office space development and did not support the mall operator's strategic priorities of developing lifestyle destinations.
The first sale from the programme, announced last month, was for 17,733 square metres of land located in the Olaya district in Riyadh.
“This is a strategically important programme for Arabian Centres, as we further align our future growth priorities with our overarching business initiatives,” Alison Rehill-Erguven, chief executive of Arabian Centres, said.
“Adeer Real Estate is a leader in the sale of large-scale land and developments and intrinsically understands both the monetary and locational value of these assets … this agreement will support the continued success of this programme.”
Founded in 2002, Arabian Centres is one of the largest owners, operators and developers of contemporary lifestyle centres in Saudi Arabia.
The company currently owns, operates and manages 21 commercial centres and complexes, with more than 4,300 stores, located across 10 cities in the kingdom.
With a total gross leasable area of nearly 1.34 million square metres, Arabian Centres' malls provide Saudi shoppers with a range of international, regional and local retail brands.
“Arabian Centres’ portfolio of assets in this programme is high quality and we are confident of a positive reception from the market,” Suleiman Al Harbi, deputy chief executive of Adeer Real Estate, said.
In 2021, Arabian Centres Company raised 2.47bn riyals in an initial public offering on the Tadawul Stock Exchange.
Saudi Arabia is looking to grow its retail and entertainment sector as part of plans to diversify its economy under the Vision 2030 road map and reduce dependence on oil revenue.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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South Korea
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UAE currency: the story behind the money in your pockets
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The five pillars of Islam
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THE SPECS
Range Rover Sport Autobiography Dynamic
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Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
Killing of Qassem Suleimani
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Killing of Qassem Suleimani
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%20profile
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Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The%20Kitchen
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
Sholto Byrnes on Myanmar politics
