Performance Review | Direct Investments
Al Mahmal Development

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.

Imad Yassin Kaki
Chief Executive Officer

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.

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