24 Hrs
Source:
الاقتصادية
Cinema Centers leads Downtown Madinah revenue
Arab Centers Company "Senyomi Centers" has signed two agreements with Downtown Saudi Arabia, one of the companies of the Public Investment Fund, to develop and manage a shopping center project in the city of Medina as part of its efforts to expand its development of urban destinations. The first agreement involves providing development services for the components of the shopping center, with a value exceeding 5% of the company's annual revenues for 2025. The second agreement includes a 25-year leasing commitment after project completion. "Senyomi Centers" will undertake the implementation and management of the project, including planning, design, and supervision of construction, over a period of three years, extendable by another two years. The company anticipates that these agreements will have a positive impact on its profits during the project’s implementation phase, with no current financial impact from the lease agreement promise. The project aims to enhance the retail and entertainment sector in Medina, expand its collaboration with Downtown, and contribute to improving the quality of life and stimulating the local economy in Saudi Arabia.
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