Termination of the contract by mutual consent.. “Cinomi Centers” withdraws from the Jawharat Al Khobar Mall project

Arabian Centers Company announced "Sinomi Centers"Today, Thursday, it retracted the agreement to lease and invest the land located north of the city of Khobar in the Corniche district for the purpose of developing the Jawharat Al Khobar Mall, and terminated the agreement by mutual consent.

This retraction comes, according to a statement by the company on… "Saudi Arabia trading"Due to the change in the company’s strategy for the project in its current location, and accordingly, it decided not to move forward with its implementation and to study other available opportunities that provide a better economic return and financial flow to the company.

And it was "Sinomi Centers" In July 2022, an agreement was signed to lease and invest in land with an area of ​​approximately 300,000 square meters, in the north of the city of Al-Khobar in the Corniche district, for a period of 30 calendar years, subject to extension with the approval of both parties to the agreement, with an average annual rental value of approximately 51.5 million riyals, for the purpose of developing Jawharat Al-Khobar Mall and other multi-use commercial facilities.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter