Cenomi Centers Signs Leasing Agreement for Madinah Mall

Arabian Centers Company, known as Cenomi Centers, has signed a promise-to-lease agreement with Saudi Downtown Company, a Public Investment Fund (PIF) entity, for a premium shopping mall within the Al Madinah Downtown project. This agreement is set for a 25-year term and marks an extension of the collaboration between Cenomi Centers and Saudi Downtown Company, which began with the Al Khobar Downtown project.

The agreement includes a three-year term for the promise-to-lease, after which a 25-year lease and operation agreement will be executed upon the project's completion. Currently, there is no financial impact from this agreement as it is a promise to lease and operate.

Saudi Downtown Company is part of the Urban Development & Livability ecosystem and focuses on developing urban destinations and mixed-use centers that provide sustainable economic and social value across Saudi cities. Their projects aim to boost local economic activity, improve quality of life, and expand options in sectors like retail, entertainment, hospitality, tourism, office spaces, and residential offerings.

This agreement aligns with Cenomi Centers' asset-light strategy, leveraging its expertise in operating and managing shopping malls and lifestyle destinations.

For a developer: This agreement highlights the growing trend of strategic partnerships in Saudi Arabia's urban development sector. It underscores the importance of collaboration between private developers and public entities to create integrated urban destinations that enhance economic activity and quality of life across the kingdom.