Experience Centre — Mayadeen Park

Financials on a timeline

Exhibit: Experience Centre Returns — key assumptions, operations, capex and returns

Download this exhibit as PDF ↗ Excel model ↗

Exhibit: Experience Centre Returns	Total	Year 1 2026	Year 2 2027	Year 3 2028	Year 4 2029	Year 5 2030	Year 6 2031	Year 7 2032	Year 8 2033	Year 9 2034	Year 10 2035	Year 11 2036	Year 12 2037	Year 13 2038	Year 14 2039	Year 15 2040
Key assumptions
Visitors, '000 (full-year equivalent)		–	–	1,135	1,163	1,183	1,205	1,245	1,285	1,332	1,382	1,417	1,451	1,481	1,515	1,549
Revenue per visitor, SAR (admissions + F&B + retail + photo)		–	–	92	95	97	99	101	103	106	108	110	113	116	118	121
Average admission per visitor, SAR (ProFun)		–	–	77	80	82	84	85	87	89	91	94	96	98	100	102
Trading factor (opening year 25%)		–	–	0.25	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
EBITDA margin after management fees		–	–	27.8%	31.6%	32.5%	32.9%	34.1%	35.4%	36.6%	37.9%	38.8%	39.6%	40.4%	41.1%	41.8%
Operations
Revenue	1,776,939	–	–	26,082	110,519	115,216	119,075	125,825	132,794	140,706	149,264	156,540	163,825	171,073	178,880	187,140
EBITDA \| Experience Centre (after operator fees)	663,289	–	–	7,251	34,928	37,412	39,212	42,964	46,946	51,539	56,584	60,793	64,932	69,029	73,475	78,224
Koushan Asset Management Fee	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Land Lease (revenue share)	(35,539)	–	–	(522)	(2,210)	(2,304)	(2,382)	(2,516)	(2,656)	(2,814)	(2,985)	(3,131)	(3,276)	(3,421)	(3,578)	(3,743)
Land Lease Cost (allocated)	(20,779)	–	–	(1,222)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)	(1,630)
SPV overheads (allocated)	(114,825)	–	–	(3,922)	(8,039)	(8,240)	(8,446)	(8,657)	(8,874)	(9,096)	(9,323)	(9,556)	(9,795)	(10,040)	(10,291)	(10,548)
Component NOI	492,146	–	–	1,586	23,049	25,238	26,755	30,161	33,787	37,999	42,646	46,477	50,231	53,938	57,977	62,304
Capex
Structural works	12,565	2,900	9,666	–	–	–	–	–	–	–	–	–	–	–	–	–
Finishes	11,599	–	6,389	5,210	–	–	–	–	–	–	–	–	–	–	–	–
MEP works	11,862	–	7,490	4,372	–	–	–	–	–	–	–	–	–	–	–	–
Landscaping, water features & infrastructure	11,032	458	5,355	5,219	–	–	–	–	–	–	–	–	–	–	–	–
Experience Centre content & AV systems	60,000	–	21,800	38,200	–	–	–	–	–	–	–	–	–	–	–	–
Contingency & project management reserves	2,542	356	1,593	593	–	–	–	–	–	–	–	–	–	–	–	–
Design, supervision, fees & permits	4,745	2,999	1,356	390	–	–	–	–	–	–	–	–	–	–	–	–
Marketing, rent & administration during construction	2,033	153	508	1,373	–	–	–	–	–	–	–	–	–	–	–	–
Pre-opening (within the SAR 550M cap)	18,200	–	2,475	15,725	–	–	–	–	–	–	–	–	–	–	–	–
Total CapEx	134,578	6,865	56,632	71,081	–	–	–	–	–	–	–	–	–	–	–	–
Net Cash	357,568	(6,865)	(56,632)	(69,496)	23,049	25,238	26,755	30,161	33,787	37,999	42,646	46,477	50,231	53,938	57,977	62,304
Exit Value at exhibit cap (final year, leasehold-adjusted)	614,008	–	–	–	–	–	–	–	–	–	–	–	–	–	–	614,008
Net Cashflows including TV	971,576	(6,865)	(56,632)	(69,496)	23,049	25,238	26,755	30,161	33,787	37,999	42,646	46,477	50,231	53,938	57,977	676,311
Experience Centre IRR	26.2%

SAR'000 unless stated. Years 1–15 = 2026–2040; exit in Year 15 (2040) at a 10% cap rate adjusted for the leasehold to 2074; before zakat and VAT recovery. Total investment capped at SAR 550M including pre-opening; shared budget items allocated by built-up area; fixed land rent and SPV overheads (which cover the asset-management role — no separate Koushan fee) shared between the Experience Centre and retail in proportion to stabilised 2032 revenue, none to the hotel; hotel is Phase 2 (construction from 2027 after the construction permit and Al-Maqr approval). Source: Mayadeen Park Financing Model v1.0 (22 Oct 2026).

23.7%Component IRR, hold to 2074

26.2%Component IRR, exit 2040 at 10% cap

22.4%Yield on allocated capex, 2032

SAR 135MAllocated capex incl. pre-opening

2033Payback year

Budget

Hard and soft cost within the SAR 550M cap — Experience Centre column highlighted

SAR million	GMP budget	Retail	Experience Centre	Hotel (Phase 2)	Total within cap	Pre-opening offset
Structural works	130.0	48.8	12.6	48.8	110.2	(19.8)
Finishes	120.0	45.1	11.6	45.1	101.7	(18.3)
MEP works	70.0	31.9	11.9	26.3	70.0	—
Landscaping, water features & infrastructure	65.1	29.6	11.0	24.4	65.1	—
Hotel FF&E (net of pre-opening)	50.0	—	—	35.0	35.0	(15.0)
Experience Centre content & AV systems	60.0	—	60.0	—	60.0	—
Contingency reserve	11.0	5.0	1.9	4.1	11.0	—
Project management reserve	4.0	1.8	0.7	1.5	4.0	—
Design	15.0	6.8	2.5	5.6	15.0	—
Supervision	8.0	3.6	1.4	3.0	8.0	—
Fees & permits	5.0	2.3	0.8	1.9	5.0	—
Marketing & pre-opening (within GMP)	7.0	3.2	1.2	2.6	7.0	—
Rent & administration during construction	5.0	2.3	0.8	1.9	5.0	—
Hard cost (construction)	510.1	162.2	109.6	185.2	457.1	(53.0)
Soft cost	40.0	18.2	6.8	15.0	40.0	—
Pre-opening (added within the cap)	—	19.8	18.2	15.0	53.0	53.0
TOTAL INVESTMENT	550.1	200.3	134.6	215.3	550.1	—

The contractor's GMP breakdown (510 construction + 40 soft) with all pre-opening absorbed inside the SAR 550M cap: hotel pre-opening (15) comes out of the FF&E & preparation line (FF&E 35); Centre (18.2) and retail (19.8) pre-opening are offset pro-rata against structural works and finishes. Shared items allocated by built-up area; direct items to their component.

ProFun consolidated financial projections (business plan p.59)

ProFun consolidated pro-forma, SAR M	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040
Revenue per visitor (SAR)	92	95	97	99	101	103	106	108	110	113	116	118	121
Implied visitors ('000)	1,135	1,163	1,183	1,205	1,245	1,285	1,332	1,382	1,417	1,451	1,481	1,515	1,549
Total revenue (ex-VAT)	104.3	110.5	115.2	119.1	125.8	132.8	140.7	149.3	156.5	163.8	171.1	178.9	187.1
Cost of sales	(9.6)	(10.1)	(10.5)	(10.9)	(11.5)	(12.2)	(12.9)	(13.6)	(14.3)	(14.9)	(15.6)	(16.3)	(17.0)
Operating expenses (labour + non-labour)	(52.6)	(58.2)	(59.6)	(61.0)	(62.9)	(64.8)	(66.8)	(68.9)	(70.8)	(72.7)	(74.7)	(76.8)	(78.9)
Gross operating profit	42.1	42.2	45.0	47.1	51.4	55.9	61.0	66.7	71.5	76.2	80.8	85.8	91.2
Management fees (Midwam)	(5.1)	(5.2)	(5.5)	(5.7)	(6.2)	(6.6)	(7.2)	(7.8)	(8.3)	(8.7)	(9.2)	(9.7)	(10.3)
EBITDA	37.0	37.0	39.5	41.4	45.2	49.2	53.9	59.0	63.2	67.4	71.6	76.1	80.9
EBITDA margin	35.5%	33.5%	34.3%	34.7%	35.9%	37.1%	38.3%	39.5%	40.4%	41.2%	41.8%	42.5%	43.2%

Source: ProFun Pro Forma Business Plan Rev.1, 18 January 2025, "Consolidated financial performance projections". Full-year figures; the model applies a 25% trading factor to the Q4 2028 opening year and deducts a SAR 2M (inflated) annual content-refresh reserve.

What drives the numbers

Exhibit: Experience Centre Returns — key assumptions, operations, capex and returns

Hard and soft cost within the SAR 550M cap — Experience Centre column highlighted

ProFun consolidated financial projections (business plan p.59)

Download