Cenomi Centers gets $67m settlement in mall fire – Arabian Gulf Business Insight | AGBI
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Cenomi Centers, a leading mall operator in Saudi Arabia, will receive SAR250 million ($67 million) to cover all damages and losses due to a partial fire at Mall of Dhahran.
The settlement from Saudi-listed Arabia Insurance Cooperative Company (AICC) is expected to have a positive financial impact during the third quarter ending on September 30, 2025, the company said in a statement to the Saudi stock exchange.
A partial fire broke out at the Mall of Dhahran in Eastern Province on May 15, 2022, with the mall reopening on June 7, 2022. The fire impacted less than 10 percent of the mall’s gross leasing area.
AICC said that the settlement will have no material financial impact on the company. In May 2022, the company said that losses resulting from the accident are reinsured at above 99.5 percent.
Cenomi Centers’ portfolio comprises 21 shopping centres, categorised as super-regional, regional and community centres.
Out of these 21 centres, 11 are on leased land, nine on land owned directly by the company, and one operates under a management and operating agreement, according to the company’s 2024 annual board report.
Shares of Cenomi Centers closed at SAR20.50 on Sunday. The stock is up 6 percent so far this year.
AICC closed at SAR10.76 per share on Sunday. It is down 12 percent compared to last year.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Cenomi Centers, a leading mall operator in Saudi Arabia, will receive SAR250 million ($67 million) to cover all damages and losses due to a partial fire at Mall of Dhahran.
The settlement from Saudi-listed Arabia Insurance Cooperative Company (AICC) is expected to have a positive financial impact during the third quarter ending on September 30, 2025, the company said in a statement to the Saudi stock exchange.
A partial fire broke out at the Mall of Dhahran in Eastern Province on May 15, 2022, with the mall reopening on June 7, 2022. The fire impacted less than 10 percent of the mall’s gross leasing area.
AICC said that the settlement will have no material financial impact on the company. In May 2022, the company said that losses resulting from the accident are reinsured at above 99.5 percent.
Cenomi Centers’ portfolio comprises 21 shopping centres, categorised as super-regional, regional and community centres.
Out of these 21 centres, 11 are on leased land, nine on land owned directly by the company, and one operates under a management and operating agreement, according to the company’s 2024 annual board report.
Shares of Cenomi Centers closed at SAR20.50 on Sunday. The stock is up 6 percent so far this year.
AICC closed at SAR10.76 per share on Sunday. It is down 12 percent compared to last year.
AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.
Already registered? Sign in
I’ll register later
AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.
Already registered? Sign in
I’ll register later
My two little Californian granddaughters, aged 7 and 4, are always pleased to see me when “Frankpa” (sweet!) makes the trek to Los Angeles. But this summer there was a real frenzy as my Uber pulled up outside their canyon-side home, because word had leaked that I was carrying precious cargo: Labubus. Their mum had […]
The retail tranche of construction and retail business Marketing Home Group’s (MHG) initial public offering was 200 percent oversubscribed, with the order book reaching SAR163 million ($43 million). A total of 77,400 investors participated, with a minimum of 10 shares allocated to each subscriber, Alinma Capital, the lead manager for the IPO, said in a […]
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Net earnings of Lulu Retail Holdings, the largest grocery retailer in the GCC, increased in the first half of 2025 amid a rise in ecommerce transactions. The bottom line rose 9 percent year on year to $127 million, with net profit margin rising to 3 percent, the retailer said in a filing to the Abu Dhabi […]
Talabat, the Dubai-listed online food ordering and delivery company, said profits rose in the second quarter and first half of 2025, driven by growth across its main markets. Despite this, the company’s share closed 1.5 percent lower at AED1.30 on Monday and has fallen 7 percent since the start of the year and nearly 19 percent […]
Two Dubai shopping malls run by Majid Al Futtaim (MAF) have launched virtual versions of their stores in the online game Roblox, as competition heats up for the attention of younger generations. But marketing in a game played primarily by children comes with its own set of complications, experts have told AGBI. MAF’s Mall of […]
US company Sphere Entertainment has secured Qatari trademarks, paving the way for a high-tech entertainment arena in Doha. The Ministry of Commerce and Industry at the start of last week approved “Sphere Doha” and “Sphere Qatar”, trademarks the Las Vegas-based company filed a year ago. The entertainment company’s original Las Vegas Sphere is famed for […]
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UAE engineering and design company Sidara will acquire the British oil services company John Wood Group for £216 million ($292 million) and will invest additional funds for financial stability. As part of the 30-pence-per-share offer, Sidara will take on $1.6 billion of Wood Group’s debt and provide $450 million capital injection. However, the deal is […]
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Foreign direct investment into Tunisia surged nearly 20 percent in the first half of 2025, with the lion’s share centred on industry and energy. FDI inflow rose to nearly TD1.65 billion ($573 million) between January and June, from around TD1.36 billion in the first half of 2024, Tunisia’s foreign investment promotion agency said in a […]
Follow us on:
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
