Cenomi Centers, Saudi Arabia’s leading mall developer and operator, is set to begin construction of the Al Khobar Downtown Mall and Boulevard. This project is located in the kingdom’s Eastern Province. This project will add to a list of mall projects in the Kingdom, with others such as the Masar Mall being developed.
Furthermore, a design-and-build contract valued at SAR1.3 billion ($346 million) was awarded to Riyadh-based Lynx Contracting. This information was revealed by the company in a statement to the Saudi Exchange (Tadawul).
Additionally, the work scope includes design, engineering, construction, and supply. Moreover, it includes installation, testing, commissioning, obtaining required regulatory approvals and all related works up to the final handover and full operation of the project.
Timeline
Construction works on the project will be completed in 36 months. However, further details of the project were not given.
Moreover, in May Cenomi Centers reported revenue declined 1 percent year on year to SAR583 million in the first three months of the year. Eventually, this led to a 9 percent annual decline in net profit to SAR203 million.
Also, by 2029 the company’s gross leasing area is set to grow by more than 50 percent to nearly 2 million square metres. Additionally, this will be driven by the development of Westfield Riyadh, Westfield Jeddah, and SDC Al Khobar, plus three lifestyle centres.
Lastly, Cenomi Centers boasts a total of 4,250 stores across nine Saudi cities.
Al Khobar Mall and Boulevard Factsheet
Project Name: Al Khobar Downtown Mall and Boulevard Project
Location: Al Khobar, Eastern Province, Kingdom of Saudi Arabia
Developer / Client: Arabian Centers Company (Cenomi Centers)
Main Contractor: Lynx Contracting Company
Contract Value: SAR 1.33 Billion (~$354 Million USD) excluding VAT
Contract Type: Full Design-and-Build (Turnkey)
Project Type: Mega Commercial Real Estate / Mixed-Use Lifestyle Destination
Execution Timeline: 36 Months (3 Years) from the commencement notice
Project Team
Client / Developer: Arabian Centers Company (Cenomi Centers)
Master Landowner and Strategic Partner: Saudi Downtown Company (A wholly-owned subsidiary of the Public Investment Fund – PIF)
- Cenomi Centers signed a 25-year lease-to-operate agreement with Saudi Downtown Company, who oversees the overarching master plan and architectural guidelines for the zone.
Turnkey Contractor: Lynx Contracting Company
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