Arabian Centers Company (Cenomi Centers) has awarded a design-and-build contract for Al Khobar Downtown Mall and Boulevard project to Lynx Contracting Company.

The contract is valued at 1.33 billion Saudi riyals ($354.17 million), the company said in a statement to the Saudi stock exchange.

The scope of the contract includes design, engineering, construction, supply, installation, testing, commissioning, obtaining all required regulatory approvals, and all related works up to the final handover and full operation of the project.

The contract also includes provisions relating to performance guarantees, insurances, delay damages, and variation and claims management in accordance with the agreed contractual terms.

The contract duration is 36 months from the date of the commencement notice.

The contract will be presented to the general assembly for obtaining the required regulatory approvals, the statement added.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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