Cenomi Centers lands SAR 1.33B Al Khobar mall contract

Arabian Centers Co. (Cenomi Centers) signed a 1.33 billion riyal design-and-build contract on Sunday for the Al Khobar Downtown Mall and Boulevard project. The company said in a filing that the contractor is Lyn, a local developer.

The project site is in the Eastern Province city of Al Khobar. Cenomi Centers, a retail real estate developer listed on the Saudi Exchange, already operates malls in Riyadh and Jeddah. The new contract adds a large-format retail and entertainment complex to its pipeline.

The filing did not disclose a project completion date. It also did not specify how Cenomi plans to fund the development. The company has been expanding beyond its core Riyadh portfolio over the past two years, adding assets in Jeddah and the Eastern Province.

The contract is one of the larger single-project awards for Cenomi in recent years. The company reported an operating profit of 543 million riyals in 2024 on revenue of 1.2 billion riyals. Contract work of this size may stretch over several years, with revenue recognized gradually.

Investors will watch for further details on financing and expected rental income from the mall and adjacent boulevard. Cenomi shares were little changed in Riyadh trading on Sunday.