Riyadh - Mubasher: Arabian Centres Company (Cenomi Centers) inked a development services agreement on 18 August 2026, with Saudi Downtown Company, a subsidiary of the Public Investment Fund (PIF).

The contract value exceeds 5% of the company’s annual revenues for 2025, according to a bourse filing.

Under the terms of the three-year agreement, which includes an option for a two-year extension, Cenomi Centers will oversee the development of retail components and a shopping center within the Madinah Downtown project.

The company’s responsibilities include planning, design, contracting with consultants and builders, and supervising construction through to completion.

The financial impact is expected to be positive for both revenues and net profits during the implementation phase.

This partnership aligns with Cenomi Centers’ strategy to expand its asset-light business model by leveraging its expertise in managing commercial destinations.

Saudi Downtown focuses on urban development to stimulate economic activity across various sectors, including tourism and shopping, in targeted Saudi cities. No related parties were identified in the transaction.

In the first half (H1) of 2026, Cenomi Centers logged net profits valued at SAR 588.20 million, marking an annual drop of 14.73%.