He added that the company has unveiled its new strategy—set to begin in early 2026—which focuses on developing new projects within the logistics, education, and residential sectors, while maintaining a strong presence in its existing and future commercial and office developments.
Furthermore, he noted that Alandalus Property sees promising growth opportunities across various sectors in the coming years, driven by the objectives of the Kingdom’s Vision 2030, the expanding role of the private sector in supporting economic development, and the announced privatization programs across several service sectors. Alnasser confirmed that all previously announced projects under development are progressing according to plan and within their projected timelines, in line with the company’s strategy and expansion plans. He added that the company continues to work on expanding its real estate portfolio.
Commenting on the company’s third-quarter 2026 financial results, Alnasser attributed the growth to strong performance across its retail, office, and hospitality segments, alongside improved contributions from companies accounted for under the equity method, particularly West Jeddah Hospital Company. This was supported by continued operational progress at Dr. Sulaiman Al-Habib Hospital in Al-Faiha, as well as positive contributions from other investments.
He explained that improved asset efficiency and a higher contribution from rental income supported operating margins and profitability. He added that the results reflect the strength of the company’s investment portfolio and its ability to generate growth through multiple operational drivers rather than relying on a single asset or sector.
Alnasser said the company continues to maximize the value of existing assets, improve operational efficiency and revenue quality, while pursuing measured expansion into new investment opportunities.
Retail revenue increased 18% year-on-year (YoY), supported by the strong performance of Al-Andalus Mall following the completion of leasing activities for its new expansion, Jadat Al-Andalus. Average occupancy across the company’s managed retail portfolio reached approximately 99.5%, reflecting strong demand and a stable tenant base.
Office-sector revenue grew 31%, with Cubic Plaza serving as a key growth driver alongside solid performance across other office assets. Average occupancy across the office portfolio stood at approximately 99%.
In the hospitality segment, DoubleTree by Hilton at Al Andalus Mall recorded a 62% increase in revenue compared to the same period last year, reflecting improved operating performance following the completion of development works. The property’s occupancy rate reached approximately 73% during the period.
Alnasser emphasized that the company focuses not only on high occupancy rates but also on operational performance, sustainable revenue and maximizing returns from existing assets. Its strategy includes active portfolio management, optimizing tenant mix and improving operational efficiency to support sustainable medium- and long-term growth.
Regarding the impact of current geopolitical and security conditions, Alnasser said these developments are placing direct and indirect pressure on the real estate sector, particularly retail. However, he noted that the company has not experienced a direct impact on its returns, supported by the strength of the Saudi economy, solid operational performance and diversified income streams.
He added that the company continues to strengthen its shopping centers by attracting leading brands, with occupancy rates across its centers reaching as high as 99%.
