Cenomi Centers terminates lease for Jawharat Al Khobar Mall, halts project execution 

Logo of Arabian Centres Co. (Cenomi Centers) 

Arabian Centres Co. (Cenomi Centers) announced today, Jan. 8, the signing of a mutual termination agreement for the lease and investment of a land plot located north of Khobar’s Corniche, which was intended for the development of Jawharat Al Khobar Mall.

In a statement on Tadawul, the company said that a shift in its strategy for the site led to the decision not to move forward with the development. Instead, it will explore alternative opportunities that offer stronger economic returns and cash flows.

In 2022, Cenomi Centers signed a lease and investment deal for a land plot spanning about 300,000 square meter (sqm) north of Khobar’s Corniche, valued at SAR 969.78 million for the first 20-year term, aiming to develop Jawharat Al Khobar Mall and other multi-use commercial facilities at an estimated cost of SAR 1-1.3 billion, according to Argaam’s data.