Arabian Centres Co. “Cenomi Centers” (4321) plans to invest 5 billion riyals, with half of it allocated to its modern projects Jawharat Riyadh and Jawharat Jeddah.
Details
Alison Rehill Erguven, CEO of the company, revealed in an interview with “Al Arabiya Business” that Cenomi Centers’ upcoming projects will be “the first of their kind” in the Kingdom.
She emphasized the projects will have a “significant impact” on the company’s operations and the country as a whole.
Alison added that the Jawharat Riyadh project will be the first of its kind in the capital, noting that it will feature:
– A sprawling area of 185,000 square meters.
– The first section is dedicated to luxury brand sales.
– Attracting over 70 brands, with 30 of them being introduced for the first time in Saudi Arabia.
– Four sections for restaurants and cuisine, alongside a “unique” entertainment section.
So What
Allison explained that the company, being the largest owner, developer, and operator of lifestyle centers in the Kingdom, is developing two different types of shopping centers: major shopping destinations like “Jawharat Riyadh and lifestyle centers.
She noted that the former has a larger area, luxury brand sections, and upscale dining options, while also providing distinctive entertainment experiences. On the other hand, lifestyle centers offer distinctive services but are not on the same scale as major shopping destinations.
Some Context
The CEO of the company expects the Jawharat Riyadh center to open in the second half of 2025, aligning with the Vision 2030 goals. She also stated that this project will create 4,000 new jobs for Saudis in Riyadh.
Rehill Erguven also informed CNBC Arabiya that the company successfully executed a refinancing operation for its current secured debt during the first quarter of the current year. The secured debt was worth $5.25 billion and was successfully secured.
Now What
Bruno Wehbe, the Chief Operating Officer at Sinomi Centers, stated in an interview with CNBC Arabiya that the Jawharat Riyadh mall will be the largest in the Kingdom and among the top five malls in the Middle East. He mentioned that the project will add 20% to the company’s revenues and is expected to attract between 20 to 25 million visitors annually.
Finally, he revealed that they currently have 7 mall projects, including Jawharat Al-Khobar.
