Cinema Centers signs deals in Downtown Saudi Arabia
Al-Murabba'a Centers Company announced the signing of two agreements with Downtown Saudi Arabia, a subsidiary of the Public Investment Fund in the Kingdom. The first agreement pertains to providing development services for the retail components and the shopping center within the Madinah Downtown project, including managing design, contracting, and supervision of the execution. The duration of this agreement is three years, renewable for an additional two years. The second agreement commits to leasing and operating the shopping center for 25 years after project completion, with an initial period of three years prior to signing the final lease agreement. These agreements are part of the company's expansion strategy in the lightweight assets sector and are expected to contribute to strengthening the retail and entertainment sectors in Medina, while positively impacting the company's revenues and profits during the project’s implementation period.
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