Cenomi Awards SAR 1.33 Billion Al Khobar Mall Contract
The turnkey project includes a new shopping mall and boulevard in Al Khobar.
Cenomi Centers has awarded a SAR 1.331 billion (USD 355 million), excluding VAT, design-and-build contract to Lynx Contracting Company for the Al Khobar Downtown Mall and Boulevard development in Saudi Arabia's Eastern Province.
The mixed-use retail and lifestyle destination will be delivered over 36 months from the issuance of the commencement notice under a single turnkey contract.
Lynx Contracting will oversee the project's detailed design and engineering, procurement, construction, systems installation, testing, commissioning and final handover. The company will also be responsible for securing the required regulatory approvals and ensuring the development is operational upon completion.
According to Cenomi Centers, the financial impact of the contract will be reflected across the company's results throughout the execution period.
The agreement also includes performance guarantees, insurance requirements, delay damages and provisions governing project variations and claims as part of the design-and-build framework.
