Cenomi Centers to Develop Al Madinah's Largest Mall

Cenomi Centers and Saudi Downtown Company have signed two agreements to develop and operate the retail and shopping mall component of the Al Madinah Downtown Project, described as the city's largest integrated retail and lifestyle destination. The deals — a Development Services Agreement and a Promise to Lease Agreement — were signed on 18 August 2026.

Under the Development Services Agreement, Cenomi Centers will handle planning, design management, procurement, contracting, construction supervision, and coordination for the retail components and shopping mall through to completion. The agreement runs for an initial term of three years, or until a definitive lease is executed, whichever comes first, and may be extended by a further two years by mutual consent — a maximum of five years.

The Promise to Lease Agreement commits Cenomi Centers to lease and operate the shopping mall once it is completed. A long-term lease and operation agreement covering 25 years will then be signed, starting from the handover of the asset.

The two sides will work under a capital-light model. Saudi Downtown Company will provide the land, funding, and required infrastructure, while Cenomi Centers contributes development, leasing, and operational expertise. The value of the development services contract exceeds 5% of Cenomi Centers' 2025 revenue — the only figure disclosed so far. The Promise to Lease Agreement carries no assigned monetary value at this stage, as it is a commitment to enter into a lease later, with no present financial impact.

For residents and visitors in Al Madinah, the project points to a major new shopping and leisure hub within a wider urban development, expanding retail and entertainment options in the city over the coming years.

---

Stay updated with the latest news, events, sports updates, business insights, real estate and lifestyle stories on Saudi Living — the leading online platform for residents, expats, and visitors in Saudi Arabia.

Follow Saudi Living for daily updates:

• Instagram - @saudiliving
• X - @saudiliving
• Facebook - @saudiliving
• YouTube - @saudiliving