Saudi developer Arabian Centers Company (Cenomi Centers) has awarded a design and build contract worth US $342mn to Lynx Contracting Company for the development of a premium retail and boulevard project at Al Khobar in the Kingdom’s Eastern Province.
The Al Khobar Downtown Mall and Boulevard project – once complete – will further strengthen Cenomi Centers’ portfolio of flagship assets across the Kingdom. The entire project will be completed within a three-year period, the company said.
The project aligns with the company’s strategy to develop modern mixed-use destinations that enhance customer experiences and support the continued growth of the retail sector in Saudi Arabia, said Cenomi Centers in its filing to Saudi bourse Tadawul.
Under this contract, Lynx will be responsible for the design, engineering, procurement, construction and installation services as well as testing, commissioning and the final handover of the mixed-use retail and lifestyle destination.
On the financial impact, Cenomi Centers said it is expected to be reflected in the company’s results throughout the execution period as construction progresses.
Cenomi Centers is said to be the largest owner of contemporary shopping malls in the Kingdom of Saudi Arabia and a leading company in their development and operation. For over 2-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, the statement concluded.
