Al Mahmal Development is a real estate developer and manager established in 2004 to manage Al Mahmal Shopping Center in Jeddah. The shopping center opened in 1987 and is 80% owned by SEDCO Holding.
Al Mahmal Development (AMD) generates revenue from two primary activities: managing the seven-story shopping center, and operating the connected Al Mahmal Parking building.
2018 continued a strategy of tenant mix optimization and diversification in the mall, resulting in strong occupancy numbers. A contract was signed with a specialist service provider to overhaul the entry and exit mechanism for the adjacent 550-bay parking structure. On completion, the upgrade will improve speed and efficiency while reducing operating costs.
Internally, a focus on Saudization saw AMD maintain its Platinum Nitaqat rating.
Looking to the future
AMD has set itself the 2019 target of keeping occupancy steady at 85% or above, while undertaking further cost optimizations.