Cenomi Centers signs $220 mln design-and-build deal for Madinah retail project
Cenomi Centers signed a 825 million riyal design-and-build contract with Lynx Contracting for the mall and office parts of Saudi Downtown's Madinah project.
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what happened
Arabian Centres Company, known as Cenomi Centers, has signed a design-and-build contract for the mall and office components of the Madinah Downtown project developed by Saudi Downtown Company. The agreement with Lynx Contracting Company is valued at 825 million Saudi riyals, or $219.74 million, according to a statement the company filed with the Saudi stock exchange, as reported by Reuters.
The 30-month contract covers design and construction, including engineering, supply, installation, testing, commissioning and handover. Saudi Downtown is a subsidiary of the Public Investment Fund, Saudi Arabia's sovereign wealth fund.
why it matters
The deal is modest by market standards, but it shows that projects tied to the state fund are continuing to move into construction. For investors in Saudi construction and developer stocks, such announcements usually reflect normal project flow rather than a strong move in prices.
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instruments
sources
- Cenomi Centers awards $220mln design-and-build contract for retail project in Madinah — Reuters, 1 November 2026 at 07:35 UTC
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