Arabian Centres Co., the Saudi mall operator known as Cenomi Centers, signed a three-year contract worth an estimated SR104.3 million, excluding value-added tax, for integrated facilities management services at Westfield Jeddah.
The contract was signed on Monday with DAAM Facilities Management (DAAM IFM), a single-shareholder limited liability company, Cenomi Centers said in a filing to the Saudi Exchange, as reported by Argaam.
The deal is a related-party transaction. Chairman Fawaz Alhokair has an indirect interest in DAAM IFM, the company said.
The estimated value includes a fixed annual base fee of SR28.65 million. Specialist services will be charged at actual cost plus a 5% management fee, estimated at SR6.12 million a year.
DAAM IFM will supply, manage and procure integrated facilities management services at the mall, including specialist services, and will handle coordination, reporting and monitoring of the related work.
Cenomi Centers said the financial impact will appear in its results over the term of the contract, starting in the fourth quarter of 2026, as services are provided and invoiced.
The company said the contract was concluded in the ordinary course of business on commercial terms comparable to market terms, without preferential treatment.
Alhokair abstained from the board’s deliberations and vote on the contract and will also abstain from voting on it at the general assembly. Cenomi Centers will present the contract to shareholders each year for approval as part of its related-party transactions.
