SR825 million, before VAT, is the value of the contract Cenomi Centers has disclosed on Tadawul with Lynx Contracting. Signed on 29 October 2026, it covers the design and construction of the mall and offices in the Downtown Madinah project over 30 months. The project belongs to Downtown Saudi, a Public Investment Fund company.
Cenomi Centers classes the deal as a related-party transaction: chairman Fawaz Al-Hokair and vice chairman Salman Al-Hokair have a direct interest in Lynx, and managing director Kamel Al-Qalam an indirect one. They stayed out of the board’s discussion and vote, and the contract goes to the general assembly. The company says the terms are market-standard, with no preferential treatment, and that the financial effect will show during execution.
The award follows two August agreements with Downtown Saudi, one for development services and one a promise to lease and run the mall for 25 years after completion. In June, the same contractor won an SR1.33 billion contract for the Al Khobar Downtown mall, taking the two awards to about SR2.15 billion.
