Logo ofArabian Centres Co. (Cenomi Centers)
Arabian Centres Co. (Cenomi Centers) announced that it will hand over the first phase of Dhahran Mall in the Eastern Province on February 9, 2025. 
In a statement to Tadawul, the company said that this is in accordance with the agreed-upon contract terms, which stipulate that the land and building will be handed over to the landlord upon the lease expiry date, which is February 9, 2025, while the contract of the second phase of the mall is set to expire in April 2026.
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The company opened the first phase of Dhahran Mall in 2005 under a lease agreement for 20 Hijri years, with a leasable area of about 82,000 square meters. The second phase, which was leased under a separate lease agreement, was opened in 2006 with a leasable area of approximately 80,000 square meters, according to the statement.
Based on initial estimates, the company expects the financial impact of the lease expiry for the first phase of Dhahran Mall to be a decline in revenues by nearly SAR 139 million compared to 2024, as well as an improvement in net income by approximately SAR 49 million, driven by a reduction in fair value revaluation losses for Dhahran Mall compared to 2024.
Cenomi Centers also expects the related financial impact to materialize starting from the Q1 2025.
According to the 2025 plan, the financial impact resulting from the expiration of the lease for the first phase of Dhahran Mall is expected to be offset through several initiatives. These include the growth of the “U Walk Jeddah” project, which was inaugurated in February 2024 and is expected to reach operational stability by 2025. The company also aims to boost the operational performance of its centers by increasing average occupancy rates and increasing revenues from non-leasable spaces, including advertising sales, kiosks, and other sources of income, the statement added.
Cenomi Centers also indicated that, as part of its expansion strategy, which aims to strengthen its presence across various regions of the Kingdom in line with the latest standards and the evolving needs of consumers and retail businesses, its previously announced the signing of a lease and investment agreement for a 300,000 square meter plot of land in North Khobar, Corniche District, for a period of 30 years. This project aims to develop “Jawharat Al- Khobar”, alongside multi-purpose commercial facilities. The development is expected to add more than 100,000 square meters of leasable area.
Logo ofArabian Centres Co. (Cenomi Centers)
Arabian Centres Co. (Cenomi Centers) announced that it will hand over the first phase of Dhahran Mall in the Eastern Province on February 9, 2025.
In a statement to Tadawul, the company said that this is in accordance with the agreed-upon contract terms, which stipulate that the land and building will be handed over to the landlord upon the lease expiry date, which is February 9, 2025, while the contract of the second phase of the mall is set to expire in April 2026.
For more news on listed companies
The company opened the first phase of Dhahran Mall in 2005 under a lease agreement for 20 Hijri years, with a leasable area of about 82,000 square meters. The second phase, which was leased under a separate lease agreement, was opened in 2006 with a leasable area of approximately 80,000 square meters, according to the statement.
Based on initial estimates, the company expects the financial impact of the lease expiry for the first phase of Dhahran Mall to be a decline in revenues by nearly SAR 139 million compared to 2024, as well as an improvement in net income by approximately SAR 49 million, driven by a reduction in fair value revaluation losses for Dhahran Mall compared to 2024.
Cenomi Centers also expects the related financial impact to materialize starting from the Q1 2025.
According to the 2025 plan, the financial impact resulting from the expiration of the lease for the first phase of Dhahran Mall is expected to be offset through several initiatives. These include the growth of the “U Walk Jeddah” project, which was inaugurated in February 2024 and is expected to reach operational stability by 2025. The company also aims to boost the operational performance of its centers by increasing average occupancy rates and increasing revenues from non-leasable spaces, including advertising sales, kiosks, and other sources of income, the statement added.
Cenomi Centers also indicated that, as part of its expansion strategy, which aims to strengthen its presence across various regions of the Kingdom in line with the latest standards and the evolving needs of consumers and retail businesses, its previously announced the signing of a lease and investment agreement for a 300,000 square meter plot of land in North Khobar, Corniche District, for a period of 30 years. This project aims to develop “Jawharat Al- Khobar”, alongside multi-purpose commercial facilities. The development is expected to add more than 100,000 square meters of leasable area.
