The contract was awarded by local developer Cenomi Centres
Riyadh-based construction company Lynx Contracting has won a SR1.3bn ($354m) contract to build the Al-Khobar Downtown Mall and Boulevard project.
The contract was awarded by local developer Arabian Centres Company (Cenomi Centres). The contract duration is three years from the construction start date.
In a stock exchange filing on the Tadawul, Cenomi Centres said the scope includes “design, engineering, construction, supply, installation, testing, commissioning, obtaining all required regulatory approvals and all related works up to the final handover and full operation of the project”.
The contract is the first major deal signed since the UAE’s Al-Futtaim Group acquired a 49.95% stake in Saudi Arabia’s Cenomi Retail in a deal worth about SR2.5bn ($667m) in July last year.
Al-Futtaim said it acquired the shares at a price of SR44 ($11.73) each from Cenomi Retail’s existing shareholders. These include Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company and FAS Real Estate Company.
Dubai-headquartered Al-Futtaim Group is one of the region’s most established private businesses, with operations spanning the automotive, financial services, real estate, retail and healthcare sectors.
In the retail sector, the group operates brands including Zara, Massimo Dutti and Bershka in the region.
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