Cenomi Centers signs 2 agreements with Saudi Downtown 

The agreement covers development services for the retail and shopping mall components of the Al Madinah Downtown Project.

Arabian Centres Co. (Cenomi Centers) signs two agreements with Saudi Downtown Co. The first agreement involves development services for retail and shopping center components of the Al Madinah Downtown Project, while the second agreement includes a 25-year lease and operation agreement for the shopping center.

The value of the development services contract exceeds 5% of the company’s annual revenue for 2025. Meanwhile, the promise-to-lease contract currently has no value.

Under the first deal, Saudi Downtown will provide development services for the retail and shopping mall components of the Al Madinah Downtown project. It will also manage and oversee the project’s development, design, procurement and execution phases until completion. The agreement has a three-year term and may be extended for an additional two years upon mutual consent of both parties.

The promise-to-lease agreement has a three-year term, after which a 25-year lease and operation agreement for the shopping mall will be executed upon completion of the project. It will remain in force for three years from the effective date or until the definitive lease agreement is executed, whichever occurs first.

The development services agreement is expected to have a positive impact on the company’s revenue and net profit during the project execution period. The financial impact will commence once the agreement becomes effective and project implementation begins.

Conversely, there is no financial impact at present from the second agreement, as it constitutes a promise to lease and operate the shopping mall.

Both deals involve no related parties, the statement added.

Both agreements build on the growing strategic partnership between Cenomi Centers and Saudi Downtown, extending the collaboration established through the Al Khobar Downtown project to Al Madinah and reinforcing their shared vision to develop integrated urban destinations across the Kingdom.

Cenomi Centers reported a net profit of SAR 2.28 billion in 2025, of which 5% equals around SAR 114.4 million, data compiled by Argaam showed.

Details of Both Agreements