Riyadh-Mubasher: Alandalus Property, which is set to float 21 million shares, plans to expand in building commercial malls in strategic locations, said CEO Aiman Mudaifer.
He added that his company invested in Hamat Property Co., in partnership with Asala Holding to fulfill the growing demand for a company specialised in managing and operating the commercial malls.
Accordingly, Hamat became Alandalus' operation arm as it will mainly develop the company's business including projects, as well as developing malls according to the advanced management regulations.
Alandalus's strategy focuses on expanding its current activities through undertaking new business, the CEO said.
He added that the company is developing five-star Staybridge suites on Alandalus Mall, which will be opened in the third quarter of 2016 and managed by InterContinental Group.
Alandalus will float 21 million shares in an initial public offering (IPO) from 17-23 December 2015.
