DUBAI: Saudi mall operator Arabian Centres has awarded a SR257.3 million ($70 million) contract to start construction of Madinah Walk.
Lynx Contracting Company was awarded the main contract, the mall operator said in a filing on Wednesday.
Only the second project of Arabian Centres in Madinah, the new destination will add 57,000 square meters of gross leasable area.
It is part of a wider push to tap retail opportunities from Madinah’s growing population, as well as capitalizing on the gradual return of pilgrim traffic in the province.
Arabian Centres said it was also part of its strategy of seizing opportunities and prime locations in areas where there is still an elevated demand for modern lifestyle destinations such as outdoor shopping centers.
The company has approved 7.5 percent cash dividend – at SR0.75 per share – for the second half of the fiscal year ended March 31 this year.
It will distribute around SR 356.3 million.
Saudi Arabia has seen massive developments in its entertainment scene in recent months, as part of the Kingdom’s push to modernize the economy.