02/04/2026 06:18 AST
Cenomi Centres, the leading developer and operator of contemporary lifestyle destinations in Saudi Arabia, has announced that it has signed a promise-to-lease agreement with Saudi Downtown Company, a wholly-owned subsidiary of the kingdom's sovereign wealth fund PIF, for the leasing and operation of a new flagship destination in the city of Al Khobar.
As Cenomi Centres' largest shopping mall in the Eastern Province 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.
This agreement holds no contract value, as it constitutes a promise to lease and operate, stated Cenomi Centres in its filing to Saudi bourse Tadawul.
The agreement has a term of three years and may be extended for an additional two years if both parties mutually agree, it added.
On the lease agreement, CEO Alison Rehill Erguven said: "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."
"The promise to lease agreement is for three years, concluding when Cenomi Centers takes possession of the shopping mall. After the handover, a lease and operation agreement for the mall will be established for a duration of 25 years," he added.
As a key PIF unit, Saudi Downtown focuses on developing urban destinations and city centres 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 and residential developments.
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, it 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.
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