Cenomi Centers signs SAR825m Madinah Downtown design-and-build contract with Lynx Contracting

Arabian Centres Co. (Cenomi Centers) has signed a design-and-build contract with Lynx Contracting Co. for the mall and office components of Saudi Downtown Co.’s Madinah Downtown project, at a total value of SAR825 million excluding VAT, Argaam reported on 1 November 2026, citing a statement to Tadawul. Saudi Downtown Co. is a subsidiary of the Public Investment Fund (PIF).

The 30-month contract covers the design and construction of the mall and office components, including related engineering, construction, supply, installation, testing, commissioning and handover works.

The contract is a related-party transaction: Chairman Fawaz Alhokair and Vice Chairman Salman Alhokair have direct interests in Lynx Contracting, and Managing Director Kamil Al-Qalam has an indirect interest. The company said the transaction will be submitted to its general meeting for the required regulatory approval. The statement did not give a separate award decision date.

What to watch: The general meeting vote on the transaction and the start of works.

Sources: Argaam, 1 November 2026. Reviewed 2 November 2026.