Riyadh — Mubasher: Arabian Centers Company (Cenomi Centers) has signed a contract valued at SAR 825M with Lynx Contracting for the Madinah Downtown project, according to a bourse disclosure.
The deals covers the design and construction of a commercial center and office complex within the Madinah Downtown development, a project owned by the Public Investment Fund’s (PIF) subsidiary Saudi Downtown Company.
The scope of work includes engineering, procurement, construction, installation, testing, and commissioning of the facility.
The agreement was signed on 29 October 2026 and holds a duration of 30 months, with the financial impact expected to be reflected in Cenomi Centers’ results throughout the implementation period.
The transaction is classified as a related-party deal, as Chairman Fawaz Alhokair and Vice Chairman Salman Alhokair hold direct interests in Lynx Contracting, while Managing Director Kamil Al Qalam holds an indirect interest.
Cenomi Centers stated the contract was awarded under standard commercial terms without preferential treatment.
Interested board members abstained from voting on the decision, and the agreement will be presented to the General Assembly for regulatory approval.
