Cenomi Centers, a prominent owner, operator, and developer of shopping malls in Saudi Arabia, has successfully sold Sahara Plaza as part of its non-core asset sale program. The shopping center, situated in Riyadh’s King Fahd district and spanning 12,540 square meters, was sold for SAR 200 million ($53.33 million), according to a statement from the Saudi-listed company.
This transaction marks the fourth asset sale under the program, which aims to generate nearly SAR 2 billion upon completion. Sahara Plaza, inaugurated in 2002 as the first among Cenomi Centers’ 22 operating assets, no longer aligns with the company’s strategic direction. The sale is expected to have a marginal revenue impact of SAR 5 million per year.
