AL RASHID MALL AL KHOBAR A WORLD CLASS RETAIL DESTINATION

Danah Real Estate Company established a presence at Retail Congress MENA 2022 in Dubai, setting out their vision for a rejuvenated Al Rashid Mall between 2023 & 2024. We naturally took the opportunity to interview Yasser Al Kaltham, Chief Commercial Officer of Danah Real Estate to talk on the subject of one of the region’s most iconic properties.

Can you tell us more about Danah Real Estate?

Danah Real Estate Company is the real estate arm of the AlRashid Trading & Contracting Company, one of the largest and most successful corporations in the Kingdom of Saudi Arabia. The company owns and manages a diversified portfolio of assets with proven expertise in the shopping centre, residential, commercial and hospitality sectors.

What is Al Rashid Mall?

Al-Rashid Mall-Al Khobar is a core asset for Danah Real Estate. At inception in 1995, Al Rashid Mall was one of the first large-scale organised retail assets in the Kingdom and broadly the Middle East. It has been a major destination in the retail landscape of Saudi Arabia, owed largely to strategic relationships with all the region’s top retail and entertainment groups and a focus on renewal and change over time.

How is the mall perceived in its trade area?

Since its opening, the mall has been a benchmark not only in the region but in the whole market: first at the opening in 1995, as the first modern mall in Saudi Arabia; again in 2005 with an extension, incorporating the creation of Qaisariyah, a themed retail area celebrating Saudi Heritage, and establishing one of the first luxury shopping districts with the inauguration of Al Rashid Avenue. As you can see, Al Rashid Mall has always represented a source of pride for all the inhabitants of the Eastern Region of Saudi Arabia. It is a part of our daily life.

Can you give us some more details about the renovation project?

Following the signature of the construction contract and commencing February 2023, the shopping centre will officially undergo a massive renovation, the second in its history. The refurbishment will aim to meet several objectives, including growth through expansion, upgrading operating services and amenities and creating a more contemporary and inviting space for customers. A major facet of this investment is to renew and expand the composition of retailers, products and brands available in the space. Moreover, in accordance with Vision 2030, we aim to position our asset as a retail, leisure and tourist landmark within the Eastern province of Saudi Arabia.

The project has been on the agenda for several years, is it finally the right time?

Yes, the notion of an impending renovation has been in all stakeholders’ consciousness for several years. The COVID-19 pandemic was the key factor for the postponement of the project. In the interim, we finetuned our project and listened to the market refining our proposal. Lastly, our participation in the last RECON MENA convention was a strong signal that we are moving forward. It should be noted that the general feedback and interest have been highly positive.

How are you going to manage this phase? Will the mall remain open for business?

The Mall will continue to trade with the public during the whole period of renovation. It will be the responsibility of the Al Rashid Mall management team, to ensure that there is minimum interference and impact on the business. In this regard, a mitigation plan has already been developed and approved. It includes year-long marketing activity programs with targeted action and communication.

Can you give us some more details about the new Al Rashid Mall?

I will answer by telling you everything will evolve. In addition to Qaisariyah, we will add four new signature areas: Al Rashid Fashion Avenue, the new luxury fashion destination within the Eastern Province of Saudi Arabia; Al Rashid Walk, the latest outdoor destination with a wide offer of casual dining options and coffee shops; the Palms Court, an experiential indoor shopping journey reminiscent of an oasis and The Dome, a multimedia immersive experience for our visitors. We can’t wait to welcome you and introduce you to the new Al Rashid Mall Al Khobar.

Yasser Al Kaltham

Chief Commercial Officer

Danah Real Estate

Al-Rashid Mall Al-Khobar

Yasser, now a veteran of the Retail Real Estate Industry, has over 18 years’ experience. He established himself in 2005, as a part of the biggest mall operating & opening team in Saudi Arabia, then in quick time was promoted through to Director for the Eastern Saudi Region. Now Chief Commercial Officer at Danah Real Estate, he oversees a diversified portfolio of assets with proven expertise in the area of shopping centres, including Al Rashid Mall Al Khobar, residential, commercial and hospitality.