Downtown Medina Gains Over 5% Revenue from Cinema Centers
Al-Murabāh Centers Company "Sinomi Centers" intends to develop and operate a shopping mall within the "Downtown" project in Madinah City, through the signing of service and lease agreements with Downtown Saudi Arabia, a subsidiary of the Public Investment Fund. The service contract for development includes the implementation and management of the shopping mall project for a period of three years, extendable, with an expected positive impact on the company's revenues and profits during the execution period. The lease agreement, meanwhile, currently holds no value and involves signing a final contract after project completion, with a term of 25 years. This agreement is part of the company's expansion strategy to develop integrated urban destinations, aimed at enhancing the retail and entertainment sectors in Madinah. It is expected to boost economic activity and improve the quality of life in the region.
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