Arabian Centers Company (Cenomi Centers), a leading Saudi developer of lifestyle destinations, has awarded a design and build contract worth SAR1.3 billion ($342 million) to Lynx Contracting Company for the development of a premium retail and boulevard project at Al Khobar in the kingdom's Eastern Province.

On completion, the Al Khobar Downtown Mall and Boulevard Project is set to become a luxury retail, entertainment, and lifestyle destination in the Eastern Province, further strengthening Cenomi Centers’ portfolio of flagship assets across the kingdom. 

The project aligns with the company’s strategy to develop modern mixed-use destinations that enhance customer experiences and support the continued growth of the retail sector in Saudi Arabia, said Cenomi Centers in its filing to Saudi bourse Tadawul.

Under this contract, Lynx will be responsible for the design, engineering, procurement, construction and installation services as well as testing, commissioning and the final handover of the mixed-use retail and lifestyle destination. 

The entire project will be completed within a three-year period, it added.

On the financial impact, Cenomi Centers said it is expected to be reflected in the company’s results throughout the execution period as construction progresses.

A major player in Saudi Arabia’s retail project sector, Cenomi Centers is the largest owner of contemporary shopping malls in the Kingdom of Saudi Arabia and a leading company in their development and operation. 

For over two decades, it has provided its customers with a diverse portfolio of high-quality shopping malls designed in accordance with the highest modern standards, located in some of the most attractive destinations across the kingdom, it added.-TradeArabia News Service