16 Jan 2018
Intimaa Real Estate Services, a SEDCO Holding Group operating company, signed an agreement with the First Al-Masharef Co., owning company of Khamis Mushate Mall, under which Intimaa was granted the rights to manage and operate the shopping centre, lease available space, manage contracts, collect rents, and supervise the necessary studies, consultations, and engineering services. The shopping center is expected to open on 1 August 2018.
SEDCO Holding Group CEO Anees Ahmed Moumina said: “The agreement is part of the Group’s vision to expand the portfolio of its direct investments, especially that Intimaa has a huge experience in operating shopping centres. We are fully confident that the project will proceed as planned and that the mall will be a valuable addition to the Saudi market, which is being diversified based on Vision 2030. The project entails various investments and is located in a region with growing economic move. We are optimistic towards the mall progress as it will help serve the ambitions of Khamis Mushate people by creating job opportunities for young Saudis.”
Maher Farouk Luqman, CEO of Intimaa said: “With its great successful role in managing and operating real estate and retail projects, Intimaa earned the agreement for operating the new mall in Khamis Mushate. Our management to Red Sea Mall is a major testimony of this success. Through the management of Khamis Mushate Mall and other malls and properties, we will add to our record of outstanding achievements.”
Saad bin Mohammed Al-Jalban, the partners’ representative of the First Al-Masharef, owning company of Khamis Mushate Mall, said: “We are pleased with this partnership, which will advance economic activity in the region, especially in light of Intimaa’s extensive experience in managing real estate projects and shopping centres. We hope our new mall will cater to the needs of the region.”
Located on Prince Sultan Street-Riyadh Road in Khamis Mushate, the new shopping centre is built on 69,236 square meters, with a total area of 100,000 square meters. The two-storey mall consists of a commercial ground floor, a ground mezzanine floor, a commercial first floor, a mezzanine first floor, and a service second floor. The lease area amounts to 45,000 square meters and the number of shops is approximately 150. The mall’s parking lot accommodates 1,200 cars.
With a successful history and outstanding credits, Intimaa also provides integrated real estate services across real estate brokerage, construction development, and property and facility management. On a different note