Saudi: Cenomi Centers and Unibail-Rodamco-Westfield forge landmark partnership
• 10-year agreement, with an option to extend for an additional 10 years, covering exclusive licensing rights to the Westfield brand in KSA and access to URW's network, expertise and capabilities across key assets
• Partnership to enhance Cenomi Centers' market leadership; expanding its consumer and tenant base, elevating customer experience to global standards, unlocking new growth avenues, and improving sustainability and operational efficiencies
• Cenomi will continue to fully own and operate all of its assets, including those that will be undergoing rebranding.
• Contributes to the broader economic and development goals of the Kingdom while continuing the international expansion of the iconic Westfield brand
Cenomi Centers and Unibail-Rodamco-Westfield (URW) signed on Sunday, May 4, a 10-year exclusive strategic and franchising partnership agreement, with the option to extend for another 10 years, covering the Saudi Arabian shopping center market, demonstrating Cenomi Centers' unwavering commitment to strengthening its leadership position in KSA and the MENA region.
Under this partnership, Cenomi Centers will obtain the exclusive licensing rights to the Westfield brand in KSA from URW, and tap into URW's best-in-class network and capabilities across a full range of support in key areas including Leasing, Operations, Marketing, Retail Media and more, allowing Cenomi Centers' Westfield-branded malls to be top-of-mind destinations for consumers, tourists and brands, while boosting its market share.
Under the Westfield brand, and with URW's support, Cenomi Centers will offer Saudi residents and tourists the next generation of world-class shopping center experiences, boosting tourism and global engagement within the sector, acting as a powerful contributor to Vision 2030's objectives of enhancing quality of life, and opening the Kingdom to the world's global retail champions.
The partnership was signed in a ceremony at Jawharat Riyadh, which also celebrated the initial collaboration on three malls, Jawharat Riyadh, Jawharat Jeddah and Nakheel Dammam, which will be the first to be branded as Westfield centers. More details on these three malls and others will follow in the coming months, with the collaboration set to extend across up to eight of Cenomi Centers' portfolio of top malls.
Alison Rehill-Erguven, CEO of Cenomi Centers, said: 'We are thrilled to embark on this groundbreaking and exclusive partnership with URW, a global leader in the retail industry. This collaboration not only solidifies our position as the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, but also aligns with the Kingdom's broader goals for economic growth and development in both the sector and region. Together, we will cement our position as the leader in KSA by introducing exciting new growth and tenancy opportunities for many years to come.'
Jean-Marie Tritant, CEO of Unibail-Rodamco-Westfield, said: 'Cenomi Centers is an incredible partner that shares our vision for the future of retail. Its portfolio of flagship destinations matches the ambition of the Westfield brand, providing the perfect platform to deliver Westfield's unmatched experience to customers and visitors in the Kingdom while also supporting the brand's international expansion. We are tremendously proud of the partnership, and the opportunity to work with Cenomi Centers to contribute to the broader economic and development goals of the Kingdom.'
The partnership with URW is exclusive within the Kingdom and affirms Cenomi Centers' premier and well-established position in its home market, showing a vote of confidence in its growth trajectory over the coming years.
Key benefits include:
• Expanded consumer base: Westfield is one of the most recognizable global flagship mall brands, with over 900 million annual visits in the US and Europe. As the brand is highly known to and admired by Saudi consumers and KSA's increasing number of visitors, Cenomi Centers is able to significantly expand its customer base amongst Saudi citizens, residents and tourists.
• Enhanced tenant offerings: Access to URW's unparalleled tenant and partner relationships will help Cenomi Centers increase its share of key global anchor brands and first-to-KSA stores, creating a superior, increasingly differentiated offering, and encouraging higher footfall and tenant sales.
• World-class customer experience: URW's global experience and industry leadership will help Cenomi Centers significantly enhance its customer experience, tenant mix and offering to international best-in-class standards. Cenomi Centers will bring the latest digital technologies and journeys, including in-mall apps and services, to the Saudi consumer.
• New growth opportunities: The partnership will boost Cenomi Centers' financial performance in its existing and new developments, in both its core GLA business and also in digital media sales, leveraging the expertise and international reach of URW's Westfield Rise retail media agency. This partnership also sees Cenomi Centers and URW collaborating on 3rd party business opportunities serving the Kingdom's major retail and lifestyle developments.
• Sustainability and operational efficacies: Cenomi Centers will be able to significantly boost sustainability and operational efficiencies across its portfolio by leveraging best-in-class tools, systems and manuals in the management of its daily operations.
The partnership entails fixed and variable licensing and service fees for URW along with opportunities for the companies to further collaborate on business and licensing opportunities within KSA.
The partnership between Cenomi Centers and URW marks a pivotal moment in the evolution of retail and lifestyle in Saudi Arabia. By combining Cenomi Centers' unparalleled market leadership with URW's global expertise and the Westfield brand, this collaboration promises to redefine the shopping experience in the region.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
15 hours ago
- Zawya
Zain KSA reports 28% increase in H1 net profit
With revenues Reaching SAR 5.344 Billion Zain KSA, a leading provider of telecommunications and digital services in Saudi Arabia, announced its financial results for the first half of 2025. The Company reported a 5% year-on-year growth in total revenues to SAR 5.344 billion. This drove a 28% y-o-y surge in net profit, reaching SAR 220 million for the period. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose by 7%, to SAR 1.664 billion. These results reflect the Company's sustained positive financial performance, driven by revenue from growing business operations and ongoing investments that aim to deliver a superior user experience. The sustained growth stems from Zain KSA's expanding portfolio of 5G products, solutions, and services. This is also a result of the broader reach of 4G and 5G networks across the Kingdom, as well as a higher demand for direct consumer offerings, particularly through the all-digital service Yaqoot. The Company continues to see strong performance from its investments in adjacent markets, including FinTech, led by the increasing demand for services offered by Tamam. Commenting on the results, Eng. Saad bin Abdulrahman AlSadhan, CEO of Zain KSA, stated: 'Innovation and progress centered on national and human development are at the heart of Zain KSA's strategy. Our commitment is to support nationwide progress and enrich the lives of people, and we place these priorities at the forefront of every strategic investment, in line with Saudi Vision 2030's economic, social, and digital goals.' AlSadhan added: 'Our H1 2025 financial results reaffirm the continued growth of our operations and financial metrics, anchored in sustainability and effective governance. This performance has further cemented our position as the telecoms and digital services provider of choice in the Kingdom. During Hajj season 1446H, Zain KSA demonstrated its digital leadership by enhancing pilgrims' experiences through AI-powered services, delivering a truly exceptional digital journey backed by our advanced 5G infrastructure. We began deploying 5G Stand-Alone network over the 600 MHz low band and successfully extended 4G and 5G coverage within Riyadh's Abu Bakr Al-Siddiq Tunnel, one of the longest tunnels in the Middle East.' 'Within Zain KSA, we remain focused on building a healthy, sustainable workplace that prioritizes employee wellbeing and supports professional growth. Our efforts were honored at the Council of Health Insurance (CHI) Excellence Awards 2024, where we received two accolades for Best Employer Health & Wellbeing Program for Large Enterprises and Health Awareness Excellence for Large Enterprises.' Committed to delivering a best-in-class digital experience, Zain KSA has launched a pioneering service enabling visitors to Saudi Arabia to register and verify their SIM cards through Yaqoot, using the Ministry of Interior's 'Absher' app authentication service (WTHIQ). This innovative integration makes Yaqoot the first digital telecom service in Saudi Arabia to offer online SIM verification.
Gulf Today
a day ago
- Gulf Today
Gulf rail projects paving the way for connected, sustainable future
The Gulf region is witnessing an unprecedented rail boom that is setting the stage for a new era of regional integration and sustainable economic growth, according to David Franks, Managing Director of Keolis MHI. He said the transformation is being powered by multi-billion-dollar investments in modern infrastructure across the GCC. Franks noted that projects such as Etihad Rail in the UAE, the Hafeet Rail connection with Oman, and Saudi Arabia's Landbridge are central to a broader vision of regional connectivity. These initiatives, he added, are designed to link cities, ports, and economic hubs through a seamless network. The 2,177-kilometre GCC Railway project, he explained, reflects the shared ambition of Gulf states to create an integrated transport ecosystem. He highlighted the role of rail in achieving environmental sustainability, calling it one of the most energy-efficient and low-emission modes of transport. Franks pointed out that the region has already begun pioneering efforts in this area, most notably with Saudi Arabia's trial of a hydrogen-powered train, the first of its kind in the Middle East. Franks stressed that the ongoing transformation in Gulf transportation is underpinned by advanced technologies, including artificial intelligence, predictive maintenance systems, smart ticketing, and real-time passenger updates. These innovations, he said, are enhancing passenger experience while improving efficiency, safety, and operational excellence. He also emphasized Keolis MHI's commitment to this evolution, noting the company's global operating experience across four continents. Franks explained that Keolis MHI is actively transferring international best practices to the region, ensuring that safety, innovation, and quality are embedded into every aspect of operation. Beyond operations, Franks said Keolis MHI is also contributing to the development of smart, connected cities. This includes investing in local talent, supporting Emiratisation and localisation initiatives, and improving last-mile connectivity to enhance quality of life and foster inclusive transport systems. He underscored the importance of strong public-private partnerships in delivering long-term success for large-scale rail infrastructure. According to Franks, close collaboration between governments and operators is critical to ensure that projects are delivered efficiently, resiliently, and in line with public expectations. Franks outlined key milestones in the region's rail agenda. He noted that the second phase of Etihad Rail commenced operations in February 2023, extending the network to 900 kilometres. While freight services are operational, passenger services are still under planning. He also referenced the Hafeet Rail project—a $3 billion joint venture between Etihad Rail, Oman Rail, and Mubadala—which aims to link Abu Dhabi with the port city of Sohar via a 303-kilometre line. On the Saudi front, Franks said the Landbridge Project consists of a 950-kilometre freight line between Jeddah and Riyadh, and an additional 115-kilometre track connecting Dammam to Jubail. This network, he stated, will significantly boost east-west freight movement across the Kingdom. Franks also hailed Saudi Arabia's hydrogen train pilot, conducted in 2024, as a regional milestone that signals a broader shift toward clean and sustainable transport technologies. Looking ahead, he said the GCC Railway Network, slated for completion by 2030, will redefine regional mobility by streamlining trade and facilitating smooth cross-border passenger movement across Gulf nations. Franks concluded by stating that the region's rail renaissance goes beyond infrastructure development. It represents a global model for modern, sustainable, and tech-enabled transport systems built on innovation, collaboration, and a forward-looking vision. In June, Keolis MHI participated at Middle East Rail 2025, the region's premier transport event, to share its expertise in shaping the future of sustainable, intelligent, and passenger-centric urban rail. With decades of experience operating some of the world's most complex and advanced rail networks, Keolis MHI has become a trusted partner for rail authorities and owners seeking operational excellence. Its global track record in delivering safe, reliable, and innovative rail services has positioned the company as the operator of choice for urban rail projects across the Middle East and beyond. In April, Keolis MHI successfully hosted its annual Sustainability Week under the banner of the 'Keolis MHI Way', reinforcing its commitment to environmental guardianship and people engagement. The week-long initiative united employees, partners, and stakeholders through webinars, on-ground activities, and eco-conscious competitions, spotlighting the company's role as a catalyst for sustainable urban mobility in line with the UAE's 2031 Vision and Dubai Clean Energy Strategy 2050.
Arabian Post
2 days ago
- Arabian Post
Saudi Arabia Unveils New Real Estate Ownership Law for Foreigners
Saudi Arabia has revealed the complete details of a groundbreaking law that regulates real estate ownership by non-Saudis, following its approval by the Cabinet earlier this month. The law, which will be enacted 180 days from its publication, signals a significant shift in the Kingdom's stance towards foreign ownership of property, opening up new opportunities for individuals, companies, and non-profit entities abroad. The law, published in the official gazette Umm Al-Qura, outlines a comprehensive framework allowing non-Saudis to acquire property or establish real rights over land in the country. The key element of the reform is its establishment of specific geographic zones where foreign ownership is permitted, a move expected to attract considerable international investment. The Cabinet will play a pivotal role in defining the boundaries of these designated areas, which are likely to be concentrated in key urban and economic hubs such as Riyadh, Jeddah, and the Eastern Province. While the precise locations are yet to be announced, officials indicate that the decision will be based on strategic economic priorities, aiming to stimulate growth and diversification in critical sectors like tourism, hospitality, and logistics. ADVERTISEMENT One of the core principles of the new law is its flexibility. Unlike previous regulations, which were highly restrictive, the law grants non-Saudis the opportunity to own real estate in various forms, including commercial and residential properties. The legislation outlines conditions under which foreign entities can acquire land, offering them the chance to leverage the Kingdom's thriving economy and vibrant business environment. This legal shift is expected to have a transformative impact on Saudi Arabia's real estate market. Analysts predict an influx of foreign capital as investors look to take advantage of the Kingdom's growing appeal as a regional hub. The move is also seen as a step towards diversifying the economy, in line with the objectives set out in Saudi Arabia's Vision 2030, which aims to reduce the Kingdom's dependence on oil revenues and foster sustainable growth through non-oil sectors. Experts note that while the law represents a major departure from previous policies, it does not open up the entire country to foreign ownership. Instead, the policy is focused on ensuring that foreign property holdings contribute meaningfully to the national economy. The Cabinet will likely impose further regulations to balance the interests of local stakeholders with the benefits of foreign investment. The move could foster job creation, provide a boost to construction and development projects, and potentially increase the demand for high-quality infrastructure in designated zones. The new law also highlights Saudi Arabia's efforts to modernise its regulatory environment, providing clarity for international investors who have long been wary of the Kingdom's real estate market due to its complex legal framework. While non-Saudis have previously been able to invest in real estate through specific channels like joint ventures and special economic zones, this new legislation offers a more straightforward path for foreign ownership, which could position Saudi Arabia as a competitive player in the global real estate market. For real estate developers and global companies, this development could mean greater opportunities to tap into a burgeoning market. Large-scale projects, such as the NEOM city and Red Sea tourism initiatives, could see increased international interest as foreign ownership regulations become more transparent and accessible. ADVERTISEMENT However, there are still questions about the long-term implications of these changes. While the law offers new avenues for foreign investment, there are concerns about the potential impact on local property prices and the availability of affordable housing for Saudi citizens. Critics argue that an influx of foreign capital might inflate property values, making it harder for Saudis to purchase homes. The government is expected to address these concerns through policies that safeguard the interests of the local population, ensuring that housing remains affordable for citizens. The government's strategy also includes efforts to ensure that foreign investments contribute to the broader goals of economic diversification. By allowing foreign ownership in select zones, the Kingdom hopes to align property investments with its broader economic objectives, particularly in sectors like tourism, entertainment, and high-tech industries. For non-Saudis looking to invest, the new law provides a clearer roadmap for property ownership. Investors will need to navigate a system that offers greater transparency and less bureaucratic red tape than previous regulations. While specific details on the process of acquiring property remain to be fully clarified, the law marks a significant shift toward openness, making it more appealing to foreign capital.
