Skip to content Skip to Search
Skip navigation

Saudi mall reopens after blaze cost $6.67m

By Shane McGinley
Creative Commons
Mall of Dhahran damaged by fire

Saudi retail operator Arabian Centres has reopened Mall of Dhahran, in the eastern province of the kingdom, and confirmed in a statement to the Saudi Exchange that the financial cost of a fire at the site last month will be roughly 25 million Saudi riyals ($6.67 million).

In the bourse statement, Arabian Centres confirmed that around 10 percent of the mall was damaged in the fire, which took place on May 13.

The company confirmed that while Mall of Dhahran had reopened its doors, some damaged areas would remain off limits, while restoration work continues “during the upcoming few weeks”.

The full financial impact of the blaze will be reported in Arabian Centres’ first quarter results in 2023, the statement said.

In February, they reported that net profit after Zakat and tax amounted to 327.2 million Saudi riyals in the first nine months to the end of 2021, a year-on-year decrease of 9 percent.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]