Omnia MarketsDeveloper · Saudi Arabia
Cenomi Centers signs SAR 825 million Madinah mall contract.
The 30-month deal with PIF-backed Saudi Downtown Co., signed on 29 October, covers design and build of the mall and office parts.
Argaam reported on 1 November 2026 that Cenomi Centers had signed a contract worth SAR 825 million, excluding VAT, for work on a Madinah project led by Saudi Downtown Co. The firm said the 30-month contract was signed on 29 October.
Saudi Downtown Co. is a Public Investment Fund subsidiary in the Urban Development and Livability group. Argaam said the deal covers design and construction of the mall and office components, plus related engineering, supply, installation, testing, commissioning and handover under the agreed terms. The financial effect is expected during the execution period. No further details on residential elements or completion dates were given.
From the JournalRiyadh vs Jeddah: where to live, and what changes by neighbourhood.Our take
Omnia Desk
A PIF mall contract adds Madinah commercial supply, not a freehold home signal.
The Cenomi Centers award is a commercial construction contract for mall and office space inside a Saudi Downtown Co. scheme. It does not change the mapped zones where non-Saudis may hold freehold title, nor does it reset the off-plan or completed price bands we track for Medina buyers.
Foreign buyers weighing homes still work from the same ownership map and escrow rules. Our catalogue lists 40 developments in this market, 13 of them off-plan under Wafi with starting prices from SAR 266,799, but none of those residential schemes is named in this contract. The deal sits closer in scale to the earlier Diriyah Company and Midad Four Seasons agreement than to any Medina freehold list a buyer would check today.
Sources
About Omnia Markets- 1Argaam · 1 November 2026Cenomi Centers signs SAR 825M contract for Madinah Project(opens in a new tab)
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