Riyadh - Mubasher: Arabian Centres Company (ACC) signed on 28 January 2021 an agreement with Quara Finance Company to support and finance small and medium-sized enterprises (SMEs) that run businesses in ACC centres.
The collaboration between the Saudi mall operator and Quara Finance aims to help ACC’s tenants from the SMEs segment obtain credit facilities, under the supervision of the “Kafalah SME Loan Guarantee Program”, according to a bourse statement on Sunday.
Moreover, it will reduce the level of receivables within ACC’s balance sheet over the short and medium-term and will support the occupancy rates within ACC’s shopping centres.
CEO of ACC, Faisal bin Abdullah Al-Jedaie, said, “This agreement targets more than 500 SMEs located in 21 shopping centres owned and managed by Arabian Centers in various cities in the kingdom.”
“This agreement aims also to improve the financial position of ACC, increase the occupancy rates in its shopping centres, as well as secure the company's future expansion plans, all of which will contribute in making Arabian Centres more attractive to its existing and prospective tenants,” he continued.
