Cenomi Centers Signs SAR 1.33 Billion Deal for Al Khobar Downtown Mall

28/06/2026 14:41 AST

Arabian Centers Company (Cenomi Centers) announced the execution of a Design and Build Contract with Lynx Contracting Company for the Al Khobar Downtown Mall and Boulevard project.

The agreement, signed on June 28, 2026 (1448-01-13), is valued at SAR 1,331,236,400 (excluding VAT). The contract covers design, engineering, construction, supply, installation, testing, commissioning, regulatory approvals, and all related works until final handover and full operation. The project is scheduled to run for 36 months from the commencement notice.

The contract includes provisions for performance guarantees, insurances, delay damages, and claims management. The financial impact will be reflected in Cenomi Centers' results during the project execution period.

The deal is classified as a related party transaction, as Chairman Fawaz Alhokair, Vice Chairman Eng. Salman bin Abdulaziz Alhokair, and Managing Director Eng. Kamel Alqalam have direct and indirect interests in Lynx Contracting Company. These board members abstained from voting on the resolution.

The contract will be submitted to the General Assembly for the necessary regulatory approvals.

Borsatalkhaleej