Arab centers: the reopening of Dhahran Mall and 25 million riyals, the financial impact of the fire

Arabian Centers Company has announced the reopening of Dhahran Mall in the eastern province, with the exception of some parts slightly damaged by the fire, and are currently in rehabilitation work underway in view of its opening in the coming weeks.

The company stated in a statement on “Saudi Tadawul”, today, Wednesday, that as regards the part directly affected by the fire, which represents 10% of the total areas in lease of the mall, the company is currently developing a comprehensive plan to rehabilitate it properly, which will require some reopening. Months.

Regarding the financial impact of this incident on the company’s balance sheet, Arabian Centers expected it to be no more than 25 million riyals, based on prime estimates e in full insurance coverage for the mall, as the company is still completing the damage determination procedures with the insurance company.

The financial impact is expected to appear in the company’s financial statements starting in the first quarter of fiscal year 2023.

The Arabian Centers Company announced that a partial fire had occurred in Dhahran Mall, located in Dhahran Governorate in the Eastern Province, on Friday morning, May 13, 2022.

And it reads in an earlier statement on “Saudi Tadawul” that the fire broke out in the prime hours in the morning and before the official opening of the shopping center, and was checked by the competent authorities without causing any injuries or deaths.

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