Saudi Downtown Launches Its First Private Sector Partnerships with Two Agreements Signed with Cenomi Centers
Saudi Downtown, a PIF company, has announced the signing of a Promise to Lease Agreement and a Development Services Agreement for the retail center in Al Khobar Downtown project with Cenomi Centers, the Kingdom’s leading developer and operator of modern lifestyle destinations.
The Promise-to-Lease Agreement covers the leasing and operation of the retail center for a period of 25 years, starting from the handover of the asset. This destination will become Cenomi Centers’ largest mall in the Eastern Province. It is expected to boost economic activity, enhance quality of life, and create job opportunities across the region, while setting new standards for retail and lifestyle experiences in the city.
These agreements mark the first major partnerships for Saudi Downtown and signal the beginning of a series of upcoming projects and partnerships across multiple cities in the Kingdom and reinforcing the company’s role in developing modern urban destinations that deliver sustainable economic and social impact.
Cenomi Centers is the leading owner, operator, and developer of contemporary lifestyle centers in Saudi Arabia. For over two decades, the company has offered a full portfolio of high‑quality destinations built to international standards, strategically located across the country to meet customer needs and evolving market demands.
Saudi Downtown develops and builds vibrant urban destinations and mixed‑use centers that generate sustainable economic and social value across cities in the Kingdom. The company’s projects are designed to stimulate local economic activity, enhance quality of life, and expand the range of choices available across multiple sectors, including retail, entertainment, hospitality, tourism, office spaces, and residential offerings.
