Saudi Downtown and Cenomi Centers Partner for Al Madinah Downtown Project

Saudi Downtown Company, a Public Investment Fund company, has signed two strategic agreements with Cenomi Centers for the development, future leasing, and operation of the retail and shopping mall component of the Al Madinah Downtown Project. The agreements, signed on August 18, 2026, include a Development Services Agreement and a Promise to Lease Agreement, marking a significant step in the development of the retail destination within Al Madinah Downtown.

Under the Development Services Agreement, Cenomi Centers will provide comprehensive development management services for the retail and shopping mall components of the project. This includes planning and design phases, consultant and contractor engagement, procurement, supervision of development and construction activities, stakeholder coordination, and overall project delivery through completion. The agreement has an initial term of three years, with an option to extend for an additional two years by mutual agreement.

Separately, the Promise to Lease Agreement covers the future leasing and operation of the shopping mall within the Al Madinah Downtown Project. Cenomi Centers will enter into a 25-year lease and operation agreement for the shopping mall following completion of the development. The Promise to Lease Agreement will remain valid for three years from its effective date, or until the definitive lease agreement is executed.

The agreements extend the collaboration between Saudi Downtown and Cenomi Centers beyond their existing partnership on the Al Khobar Downtown project. The Al Madinah Downtown development is part of Saudi Downtown’s strategy to establish vibrant, integrated urban destinations across targeted cities in the Kingdom, supporting local economic activity and improving quality of life.

For a developer: This partnership is significant as it highlights the growing opportunities in Saudi Arabia's urban development sector, particularly in creating integrated urban destinations that align with Saudi Vision 2030. The involvement of Cenomi Centers, with their expertise in retail development and mall management, suggests a strong potential for successful project execution and long-term value creation.