Alandalus Property

What Alandalus Property does

Alandalus Property Company (شركة الأندلس العقارية) is a Saudi publicly listed real estate investment, development, and operating company headquartered in Riyadh and traded on Tadawul under symbol 4320. Founded in 2006 as a closed joint stock company with SAR 238.9M of initial capital, the company went public in 2015 with a 30% share offering, bringing its capital base to SAR 933.3M (93,333,333 shares at SAR 10 par). The firm specializes in income-generating commercial real estate across four segments: retail malls, commercial offices, hospitality, and healthcare. Its core products include Alandalus Mall in Jeddah (342 stores, 298 tenants, 88,863 sqm, 95% occupancy, 13.5M+ annual visitors), Hayat Mall in Riyadh (356 stores, 331+ tenants), Dareen Mall on the Dammam Corniche (192 stores), The Village Mall in north Jeddah (124,880 sqm), and Alandalus Mall Hotel Jeddah (5-star, 164 suites), alongside Salama Office Tower and several smaller commercial centers. The company also offers property development and asset management services covering the full project lifecycle. Key assets including Alandalus Mall and the hotel are owned through Al-Ahli REIT Fund (1), in which Alandalus holds a 68.73% stake.

The business model is anchored on recurring rental income from multi-year commercial leases to a 390+ tenant base that includes international and regional brands (H&M, Mothercare, Guess, Swarovski, Victoria's Secret, Jarir Bookstore, Empire Cinemas, Banda Hypermarket), supplemented by hospitality revenue from the 5-star hotel and project/asset management services. Pricing is quote-based, negotiated directly with prospective tenants and hotel guests, and is not publicly disclosed. The company funds expansion through Islamic finance facilities (notably a SAR 143.10M Tawaruq facility from Saudi Awwal Bank in August 2023) secured against property mortgages and promissory notes, and pursues a Vision 2030-aligned strategy that includes solar power (2025 partnership with Emerge), EV charging infrastructure (2024 partnership with EVIQ), ESG reporting, and corporate governance improvements that have earned it consistent regional and global recognition. The company is governed by a 9-member board chaired by Abdul Salam bin Abdulrahman Al-Aqeel, with Faisal bin Abdulrahman Al-Nasser as CEO.

Name

Alandalus Property

Legal name

Alandalus Property Company (شركة الأندلس العقارية)

Website

https://alandalus.com.sa

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

Alandalus Property is a Saudi publicly listed real estate company that develops, owns, and operates income-generating commercial properties — shopping malls, office towers, a 5-star hotel, and healthcare assets — across Riyadh, Jeddah, and Dammam, serving 390+ retail and office tenants.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Real Estate Property Managers (53131), Lessors of Other Real Estate Property (53119), Lessors of Real Estate (5311)

SIC

Real Estate Operators (No Developers) & Lessors (6510), Operators Of Nonresidential Buildings (6512), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Property Management Advisory & Leasing Administration (FSAEAJAN)

akta.pro secondary industries

Office Property Management (BPAJAGAA), Healthcare & Medical Office Property Management (BPAJAGAF)

Keywords

• Commercial real estate
• Shopping mall operations
• Property leasing
• Real estate development
• Asset management services

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Commercial Retail Leasing: Revenue generated from leasing retail spaces in shopping malls including Alandalus Mall, Hayat Mall, Dareen Mall, and Village Mall. The company leases to approximately 298+ tenants across multiple properties with total rental area of 88,863+ sqm.
2. Commercial Office Leasing: Revenue from office space leasing including Salama Office Tower and other commercial office properties.
3. Hospitality: Revenue from hotel operations including Alandalus Mall Hotel Jeddah, a 5-star hotel with 164 suites, recreational facilities, and food and beverage outlets.
4. Healthcare Real Estate: Revenue from healthcare sector real estate properties as part of business diversification strategy.
5. Project Financing: The company secures project financing through Islamic finance facilities such as the SAR 143.10 million Tawaruq facility from Saudi Awwal Bank to finance new projects and expand investments.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Alandalus Property develops, owns, and operates income-generating commercial real estate across Saudi Arabia, including shopping malls, commercial office towers, retail centers, a 5-star hotel, and healthcare real estate. The company leases retail and office spaces to over 390 tenants and provides integrated property development and asset management services spanning project preparation, design, construction, leasing, and operations.

Product overview

Alandalus Property Company operates a diversified real estate portfolio spanning shopping malls, commercial offices, hospitality, and healthcare sectors across Saudi Arabia. The company's core products include shopping destinations (Alandalus Mall, Hayat Mall, Dareen Mall, Village Mall), a 5-star hotel (Alandalus Mall Hotel Jeddah), and multiple commercial office towers and retail centers. The company provides integrated services including real estate development (overseeing project lifecycle from design through construction and delivery) and asset management (leasing, tenant management, facilities management, and revenue optimization). The portfolio emphasizes mixed-use assets that combine retail, dining, entertainment, and hospitality to create consumer-centric destinations.

Differentiator

Problem solved

Functional benefit

Products and services

• Alandalus Mall Premier shopping destination in Jeddah on King Abdullah Road opposite King Abdulaziz Square, featuring 342 stores leased to 298 tenants across 88,863 sqm of rental area on two floors. 95% occupancy with anchor tenants including H&M, Mothercare, Guess, and Empire Cinemas.
• Hayat Mall Shopping mall in Riyadh on King Abdulaziz Road with a total area of 226,108 sqm (built-up area and parking), featuring 356 stores operated by over 331 tenants including Jarir Bookstore, Swarovski, and Victoria's Secret.
• Dareen Mall Shopping center strategically located on the Dammam Corniche with a total area of 99,960 sqm and 192 stores operated by over 148 tenants.
• Village Mall
• Alandalus Mall Hotel Jeddah 5-star hotel tower adjacent to Alandalus Mall in Jeddah with a total area of 28,255 sqm, featuring 164 suites, recreational facilities, meeting halls, international restaurants, and a health club.
• Salama Office Tower
• Alsahafah Center
• Tilal Center Retail center located on Anas ibn Malik Road in Al Malaz district, north of Riyadh, with a total area of 9,017 sqm.
• Yarmouk Center
• Al-Marwah Center
• Quebec Commercial Building
• Yasmin Tower
• Property Development Services
• Asset Management Services

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• EmergecoreStrategic or Co-development Partner · 1 January 2025Alandalus Property Company partnered with Emerge to advance solar power initiatives. This partnership aligns with Saudi Vision 2030 sustainability objectives and demonstrates the company's commitment to environmental responsibility through renewable energy projects.
• EVIQcoreStrategic or Co-development Partner · 1 January 2024Alandalus Property partnered with EVIQ (Electric Vehicle Infrastructure Company) to install ultra-fast electric vehicle charging stations at Alandalus Mall in Jeddah. The partnership aims to support national transition to electric vehicles, provide state-of-the-art EV charging infrastructure, and contribute to Saudi Vision 2030 targets for EV adoption by 2030.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Arabian Centres Company: Saudi-listed (Tadawul: 4321) mall operator and developer with a portfolio of 20+ shopping centers across Saudi Arabia and North Africa. Closest direct peer given overlapping mall portfolios, Saudi market focus, and publicly listed status.
• Majid Al Futtaim Properties: UAE-based operator of shopping malls (Mall of the Emirates, City Centre malls) across the Middle East. Directly comparable business model of owning, developing, and operating retail real estate and serving similar premium international brand tenants in the regional mall space.
• Emaar Properties: UAE-listed developer of master-planned communities, malls (Dubai Mall), and hospitality assets. Comparable as a regional retail/hospitality/commercial real estate developer with a similar mixed-use, premium-tenant-driven model.
• Dar Al Arkan Real Estate Development: Saudi-listed (Tadawul: 4300) real estate developer of residential, commercial, and mixed-use projects across Saudi Arabia. Comparable as a domestic Saudi real estate developer listed on Tadawul with diversified commercial exposure.
• Jabal Omar Development Company: Saudi-listed (Tadawul: 4250) real estate developer focused on large-scale mixed-use, hospitality, and commercial projects near the Holy Mosques in Makkah. Comparable as a Saudi Tadawul-listed developer of mixed-use commercial and hospitality real estate.
• Knowledge Economic City (Emaar Knowledge Economic City): Saudi-listed (Tadawul: 4310) developer of a major mixed-use economic city in Madinah with residential, commercial, hospitality, and retail components. Comparable as a Saudi Tadawul-listed developer of integrated mixed-use real estate.

Broad incumbents

• Kingdom Holding Company: Saudi conglomerate (Tadawul: 4280) with significant Saudi and international real estate holdings through hotels, mixed-use projects, and equity stakes. Comparable as a Saudi-listed holder and developer of premium commercial real estate with broader diversification.

Regional players

• Saudi Real Estate Company (SREC): Kuwaiti-listed real estate developer and lessor operating in Saudi Arabia and other GCC markets. Comparable as a GCC-listed operator and developer of commercial and residential real estate with regional ambitions similar to Alandalus's Saudi-only base.

Others

• Sedco Holding: Saudi-based private investment company with real estate operations and capital deployment activities. Comparable as a Saudi investor and operator in the broader real estate ecosystem that intersects with Alandalus's institutional capital base.
• Al Rajhi REIT Fund: Saudi-listed REIT vehicle managed by Al Rajhi Capital, investing in income-generating Saudi real estate. Comparable as a complementary REIT vehicle structure in the Saudi real estate capital markets where Alandalus holds its Al-Ahli REIT Fund (1) stake.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/AlandalusPropCo
• Facebookfacebook.com/p/AlAndalus-Property-Co-100066797199004
• LinkedInlinkedin.com/company/alandaluspropertyco

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alandalus Property