| Element List | Explanation |
|---|---|
| Introduction | Cenomi Centers, the leading developer and operator of contemporary lifestyle destinations in the Kingdom of Saudi Arabia, announces that it has signed, on 12/10/1447 corresponding to 31/03/2026, a development agreement with Saudi Downtown Company, a wholly owned subsidiary of the Public Investment Fund, to develop a new flagship destination in the city of Al Khobar. This destination will be Cenomi Centers’ largest shopping mall in the Eastern Province and will contribute to enhancing economic activity, improving quality of life, and creating employment opportunities across the region. It will also set new benchmarks in the retail and lifestyle sectors within the city. Alison Rehill-Erguven, Chief Executive Officer of Cenomi Centers, stated: “Today’s announcement of our strategic partnership with Saudi Downtown Company reflects our commitment to our asset-light growth strategy and further reinforces Cenomi Centers’ position as a key partner in delivering Vision 2030 objectives across the retail, F&B, and entertainment sectors." |
| Date of Announcement of the Award | 2026-03-31 Corresponding to 1447-10-12 |
| Contract Subject Matter | Development of a shopping mall in the city of Al Khobar for Saudi Downtown Company. |
| The Entity with Which the Contract was Signed | Saudi Downtown Company |
| Date of Signing the Contract | 2026-03-31 Corresponding to 1447-10-12 |
| Contract Value | The value of the contract exceeds 5% of the Company’s annual revenues. |
| Contract Details | Cenomi will oversee and manage the development and construction of the shopping mall until its completion, which is anticipated to occur within three years after obtaining the necessary approvals. Additionally, Cenomi will select the required contractors and engineers to carry out the project, ensuring that the development aligns with the architectural concept and master plan designed by the owner. |
| Contract Duration | The agreement has a term of three (3) years and may be extended for an additional two (2) years if both parties mutually agree. |
| Financial Impact and the Relevant Period | The contract is expected to impact revenues and the cost of revenues, positively affecting net income during the execution period. The financial effects will commence once contract execution begins. |
| Related Parties | There are no related parties involved. |
| Additional Information | Cenomi Centers is the largest owner of contemporary shopping malls in the Kingdom of Saudi Arabia and a leading company in their development and operation. For over two decades, the Company has provided its customers with a diverse portfolio of high-quality shopping malls designed in accordance with the highest modern standards, located in some of the most attractive destinations across the Kingdom, with the aim of meeting customer needs and evolving market demands. Saudi Downtown Company, a subsidiary of the Public Investment Fund, focuses on developing urban destinations and city centers that deliver sustainable economic and social impact across targeted cities in the Kingdom. These developments contribute to enhancing quality of life, stimulating economic activity, and creating new opportunities across various sectors, including hospitality, tourism, retail, entertainment, office spaces, residential developments, and more. |
