Cenomi Centers inks SAR 104.3M services contract for Westfield Jeddah

Logo of Arabian Centres Co. (Cenomi Centers)

Arabian Centres Co. (Cenomi Centers) signed today, Oct. 26, a three-year contract with DAAM Facilities Management (DAAM IFM), a one-person limited liability company, for providing integrated facilities management services for Westfield Jeddah at an estimated total value of SAR 104.3 million (excluding VAT).

In a statement to Tadawul, the company explained that the estimated total contract value comprises an annual fixed base value of SAR 28.65 million and specialist services charged at actual cost plus a 5% management fee, estimated at SAR 6.12 million annually.

The contract covers the supply, delivery, management, and procurement of integrated facilities management services at Westfield Jeddah, including specialist facilities management services and the implementation, coordination, reporting, and monitoring of all related service activities.

The related financial impact is expected to be reflected in the company's results over the contract term, commencing from the fourth quarter of 2026, in line with the provision and invoicing of the services.

The contract is a related-party transaction, as Chairman Fawaz Alhokair has an indirect interest in the counterparty. The contract was finalized in the ordinary course of business, on commercial terms comparable to prevailing market terms and without preferential treatment.

Alhokair abstained from participating in the board deliberations concerning the contract and from voting on the related board resolution. He will also abstain from voting on the contract at the general assembly.

Cenomi Centers will present the contract annually to the general assembly as part of the related-party transactions requiring shareholder approval, in accordance with applicable regulatory requirements, the statement said.