Arabian Centres awards SAR 257 mln contract to develop Madina Walk commercial centre

Arabian Centres Co. (ACC) announced awarding and signing of a 14-month contract worth SAR 257.3 million with Lynx Contracting Co., to develop Madinah Walk commercial center in Madinah, according to a bourse statement. 

The contract includes site preparation, excavation, backfilling, land leveling and the construction and development works.

The move comes in line with the framework agreement signed with the other party, which was approved by the general meeting on Sept. 30, 2020, the statement stated, adding that the contract’s terms and conditions were set on a purely commercial basis and within the normal business context, and did not include any preferential terms.

Company chairman Fawaz bin Abdulaziz Alhokair, and vice-chairman Salman bin Abdulaziz Alhokair are related parties, the statement said.

The awarding process has been conducted through a closed bidding process, where it has been tendered to eight Saudi Class A contracting companies, including the winning contractor.

This project is going to be the second addition to the company’s portfolio of shopping centers in Madinah, which is expected to add about 57,000 square meters to its gross leasable areas (GLA).