Cenomi Centers hosts grand opening of U Walk Jeddah

Cenomi Centers hosts grand opening of U Walk Jeddah
The grand opening of U Walk Jeddah was attended by Cenomi Centers officials and guests. (Supplied)
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Updated 19 February 2024
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Cenomi Centers hosts grand opening of U Walk Jeddah

Cenomi Centers hosts grand opening of U Walk Jeddah

Cenomi Centers, the largest owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, is delighted to host the grand opening of U Walk Jeddah, the city’s first hybrid mall concept that seamlessly integrates indoor and outdoor experiences and a watershed moment in the future of retail.

Bringing together trendy eateries and leading brands, U Walk Jeddah is redefining the city’s retail landscape by offering a next-generation shopping experience. The hybrid mall features an indoor retail boulevard, its own leisure district and a nearly 2km-long, open-air promenade with landscaped gardens, shaded terraces and a dancing fountain.

Leading F&B and lifestyle brands such as Nike, Bershka, Starbucks and 19V69 Versace opened their doors ahead of the grand opening, with a host of additional stores still to come – including Victoria’s Secret, Adidas, Zara and Lululemon.  

At 60,000-square-meter  GLA, UWalk Jeddah is already 80 percent pre-let with a number of brands opening over the coming weeks as the center gears up for pre-Ramadan trading.

As the city’s premier lifestyle destination for shopping dining and entertainment, U Walk Jeddah embodies Cenomi Centers’ vision to create the next generation of lifestyle destinations in Saudi Arabia, delivering best-in-class experiences for the local and International visitor. The recent publication of Cenomi Center’s footfall and occupancy results for 2023 reflect the strength of the business’ growth trajectory, with footfall reaching 124 million and occupancy rising to 92.9 percent. 

To celebrate the Grand Opening, U Walk Jeddah is hosting its hotly anticipated Cenomi Urban Festival – which brings childhood nostalgia to life with captivating, Instagram-worthy neon-lit installations, and a variety of immersive games and activities. The Urban Festival runs until the end of February 2024.

The launch follows the soft opening of U Walk Jeddah in December, which was marked by the launch of the Adidas FIFA Fan Zone by Cenomi, a Football Festival to coincide with the FIFA Club World Cup tournament taking place in Jeddah.

Alison Rehill-Erguven, Cenomi Centers CEO said: “We are delighted to host the much-anticipated Grand Opening of U Walk Jeddah – the city’s premier lifestyle destination for shopping, dining and entertainment. U Walk Jeddah is redefining the mall experience with its next-generation design and offering, representing everything Cenomi Centers seeks to achieve in offering the retail experiences of tomorrow. This milestone is further evidence of our bold ambitions for the future.”

U Walk Jeddah can be found conveniently located in the heart of the dynamic Al-Zahar district, with direct access via major roads, and a parking facility to accommodate 1,250 vehicles.


Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall

Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall
Updated 2 min 59 sec ago
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Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall

Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall

Cenomi Centers, the owner, operator and developer of retail and lifestyle destinations in Saudi Arabia, has announced a strategic partnership with GIB Capital, a prominent player in the financial and investment services sector, to establish a closed-end Shariah-compliant real estate investment fund with an initial capital of SR1 billion ($266.2 million). The fund will facilitate the Qassim land sale program and develop the U Walk Qassim mall, which is part of a 1-million-square-meter mixed-use Tijan scheme located in Buraidah in the Qassim region of Saudi Arabia.

The fund will develop and market the surrounding lands for residential, offices and leisure purposes, aligning with its ambitious investment vision for the region. The fund will also sign partnership agreements with leading real estate developers for the purpose of developing lands within the masterplan. The land benefits from its geographic location at the intersection of major routes, including King Abdulaziz Road, which connects various parts of the city of Buraidah, which is attracting significant wider investment and urban development. 

The land sale is part of Cenomi Centers’ strategic SR2 billion non-core assets sale program initiated in 2022 to strengthen the company’s financial position and fund its growth pipeline. Approximately SR400 million is estimated to complete the U Walk Qassim mall development. The projected annual revenue from the mall, once stabilized, is around SR80 million. 

Following the establishment of the fund, which is subject to the Capital Market Authority’s approval, GIBC will assume the role of fund manager to facilitate the sale of the Qassim land and assist in securing the funds required for the U Walk Qassim development. Cenomi Centers will be the sole unit holder of the fund and will contribute to the fund with assets in-kind, along with any hard and soft costs incurred to date. Construction of the mall is anticipated to resume in December and complete in Q4 2026. Cenomi Centers will manage and operate the 60,000-square-meter gross leasable area of U Walk Qassim on completion, which will include over 135 retail stores. 

Alison Rehill-Erguven, CEO of Cenomi Centers, said: “Partnering with GIB Capital to create a new fund to bring forward U Walk Qassim and deliver on our SR2 billion non-core asset sales program, demonstrates the company’s continued success at forming strategic financing solutions to drive our company’s future growth. Cenomi Centers is maximizing the opportunities of operating in the attractive Saudi market. The year 2024 will see three projects under construction including the flagship developments Jawharat Riyadh and Jawharat Jeddah, along with U Walk Qassim, ensuring we are on track to reach 2 million square meters of total GLA by end of 2027.”

Osamah Shaker, CEO of GIB Capital, said: “Our partnership with Cenomi Centers in the U-Walk Qassim Fund represents an important step toward achieving the company’s goals in financing its strategic projects. This fund also reflects our capabilities in providing innovative financial solutions. This investment supports sustainable growth in the Qassim region and reinforces our commitment to improving the business landscape in the Kingdom of Saudi Arabia.”


CPHI Middle East launched as region’s premier pharma event

CPHI Middle East launched as region’s premier pharma event
Updated 07 October 2024
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CPHI Middle East launched as region’s premier pharma event

CPHI Middle East launched as region’s premier pharma event

Tahaluf, Saudi Arabia’s fastest-growing business event organizer, has launched the latest in its vertical industry shows — CPHI Middle East, the region’s premier pharmaceutical event — marking a significant milestone for the Middle East’s rapidly expanding pharma sector.

Set to take place at the Riyadh Front Exhibition and Convention Center from Dec.10-12, this landmark event has garnered the support of the Saudi Ministry of Health and is being held in partnership with the Events Investment Fund.

The event comes as Saudi Arabia emerges as a global leader in biotechnology, with an ambitious plan to achieve self-sufficiency in vaccine production, biomanufacturing, and genomics. Further, the country’s pharmaceutical market, the largest in the Middle East, is expected to reach $11.5 billion by 2032, exhibiting a compound annual growth rate of 2.52 percent, according to market researcher IMARC Group.

Mohaned El-Mahgoub, group director at Tahaluf, said: “The MENA region, which is the world’s fifth largest pharma market, makes Saudi Arabia an important international meeting hub for the pharmaceutical community. It is a hugely attractive region for multinational pharma companies, with projected double digit annual market growth until 2032. CPHI Middle East and Africa will be where the future of pharma unites to forge long-lasting partnerships that stretch across the Middle East, Africa and around the world.”

Healthcare and life sciences are among Saudi Arabia’s most significant sectors and key focuses of Saudi Vision 2030. Of the $333 billion 2024 budget allocation, healthcare and social development expenditures account for roughly $57 billion, the third-largest segment after general and military spending.

Adam Andersen, executive vice president, pharma, Informa Markets, said: “Our venture into the Middle East is a significant milestone as we celebrate 35 years of CPHI this year. Given Saudi Arabia’s strategic location, coupled with an increasing demand for high-quality healthcare products, we’re confident CPHI Middle East will deliver exceptional value to our stakeholders, exhibitors and attendees as we bring the heart of pharma to the Kingdom. This inaugural event also aligns with a key goal of Saudi Vision 2030 to double domestic manufacturing from 20 percent to 40 percent. With several international pharmaceutical companies having already committed to setting up operations in Saudi Arabia, CPHI Middle East will build on that by drawing a number of key international brands eager to explore Saudi Arabia as a potential regional hub.”

Tahaluf expects the event to spread across 30,000 square meters of exhibition space, attract 30,000 visitors, over 400 exhibitors, and more than 100 participating countries. Major regional industry names are among early sponsors and exhibitor signings, including Sudair Pharma, Tabuk Pharmaceuticals, Hikma Pharmaceutical, Pioneer Company for Pharmaceutical Industries, SPIMACO and Julphar, EIPICO, Dallah Pharma, MS Pharma, Dr. Reddy’s Laboratories, Zeta Pharma, and Dietrich Engineering Consultants.

Designed as an experiential event, CPHI Middle East will feature four dedicated stages — The Future, Innovation, Next-Gen Bio and Discovery — where experts will help delegates examine the latest industry trends, challenges and opportunities. A headline speaker platform is already taking shape with global industry leaders signing up to address the gatherings, including Anil Kane, executive director, global head of technical and scientific affairs, Thermo Fisher Scientific; Zakiya Al-Kurdi, public policy and regulatory affairs, US Pharmacopeia; Claudia Palme, senior executive adviser strategy& Middle East, PwC; Faisal bin Dail, chairman, National Committee for Pharmaceutical Industries and Baxter; Musaed Al-Kholief, Saudi Commission for Health Specialities, strategy adviser at the Secretariat General; Bikash Chatterjee, president and chief science officer, Pharmatech Associates, a USP Company; as well as Hala Audi, CEO, Unizima.

CPHI Middle East is the latest in a raft of new vertical events to be launched in Saudi Arabia by Tahaluf — the strategic collaborative venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones, and the Events Investment Fund. The launch of CPHI is part of Tahaluf’s major expansion strategy — the biggest single events expansion in Saudi Arabia’s history — in which the company is introducing more than 20 new B2B and B2C titles into the Kingdom by the end of 2025, bringing more than $1 billion in economic impact to Riyadh.


Chef Akira Back set to elevate Riyadh’s culinary scene

Chef Akira Back set to elevate Riyadh’s culinary scene
Updated 07 October 2024
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Chef Akira Back set to elevate Riyadh’s culinary scene

Chef Akira Back set to elevate Riyadh’s culinary scene

World-renowned chef Akira Back launched his namesake restaurant on Oct. 7 in the heart of Riyadh’s prestigious diplomatic quarter. The establishment promises to redefine the city’s dining landscape, offering a tantalizing adventure for the palate and soul alike.

Born in Seoul, Korea and raised in Aspen, Colorado, Chef Akira currently operates 28 restaurants internationally, including locations in London, Paris, Dubai, Las Vegas, and more, with new venues on the cusp including Rome, Florence and San Francisco opening within the next two years. Chef Akira has grown a global following due to his innovative culinary experiences blended with a vibrant social atmosphere.

A one-time professional snowboarder, Chef Akira’s dishes are influenced by memories of his childhood in Korea, combined with his global travels and integral love of global cuisine. He is renowned for his ability to reshape modern Japanese dining and truly brings a sense of adventure and boundless creativity to his culinary creations, which are as playful as they are polished.

At Akira Back Riyadh, guests can expect a culinary journey like no other, which will showcase an array of Chef Akira’s greatest hits including the international favorite “AB Tuna Pizza,” consisting of a wafer-thin crunchy crust, umami aioli made with ponzu sauce, tuna sashimi, micro shiso and white truffle oil, and the “Perfect Storm,” one of Chef Akira’s signature sushi rolls with spicy tuna, prawn tempura, trout belly aburi and chipotle mayo.

Located at 1364 Shopping Center, the restaurant’s design is a marvel of luxury and sophistication. The expansive and well-appointed dining area boasts plush leather seats and luxurious wood and marble finishes, creating an inviting and elegant atmosphere. 

The open kitchen, similar to the dynamic setup in all other locations, allows diners to observe the meticulous preparation of their meals, adding an interactive element to their dining experience.

A standout feature of the Riyadh location is a painting by Chef Akira’s mother, which graces the ceiling, adding an artistic and cultural touch to the venue. This unique element reflects the chef’s appreciation for art and family heritage, creating a visually stunning focal point for the restaurant.


Mohamed Alshamari named CEO of Aster Hospitals and Clinics in KSA

Mohamed Alshamari named CEO of Aster Hospitals  and Clinics in KSA
Updated 07 October 2024
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Mohamed Alshamari named CEO of Aster Hospitals and Clinics in KSA

Mohamed Alshamari named CEO of Aster Hospitals  and Clinics in KSA

Aster DM Healthcare has appointed Mohamed Alshamari as the new chief executive of Aster Hospitals and Clinics in Saudi Arabia. This appointment aligns with Aster DM Healthcare’s strategic expansion plans and commitment to improving the healthcare landscape in the Kingdom.

Alshamari brings nearly two decades of experience in healthcare and insurance, with expertise in healthcare strategy, consulting, investment, and operations management. He has held leadership positions at organizations such as Aramco, SABIC, Royal Commission Hospital, MedGulf, and Dr. Sulaiman Al-Habib. Prior to joining Aster, he served as the sports medicine adviser at the Saudi Ministry of Sports. In his new role, Alshamari will oversee planning, strategy, development, growth expansion, service delivery, and key partnerships. He will report to Alisha Moopen, managing director and group CEO of Aster DM Healthcare, and work closely with functional leads to ensure the successful execution of strategic objectives.

Moopen said: “We are glad to welcome Mohamed Alshamari as the CEO of Aster Hospitals and Clinics in Saudi Arabia. His extensive experience in healthcare and insurance, combined with his strategic outlook and leadership, will be instrumental in driving our growth and the vision that we have for Aster’s expansion in the Kingdom.”

Alshamari said: “I am thrilled to join Aster DM Healthcare and contribute to its vision of transforming healthcare in Saudi Arabia. The company’s commitment to clinical excellence and patient-centric care has been pivotal in establishing Aster as a trusted name in the healthcare industry.” 

With Aster’s 37-year legacy of 16 hospitals, 121 clinics and 306 pharmacies in the region, we are well-positioned to build the same trust in the Kingdom and continue driving the transformation of healthcare. I look forward to leveraging my experience and insights to support the team, drive further growth, and achieve new milestones for Aster DM Healthcare in Saudi Arabia.”

Recently, Aster DM Healthcare expanded Aster Sanad Hospital in Riyadh to 200 beds with the launch of a Grand Wing building.


Madinah’s first Waldorf Astoria to open doors in 2028

Madinah’s first Waldorf Astoria to open doors in 2028
Updated 06 October 2024
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Madinah’s first Waldorf Astoria to open doors in 2028

Madinah’s first Waldorf Astoria to open doors in 2028

Taiba Investments, a leader in Saudi hospitality and real estate, has unveiled a strategic partnership with Hilton to bring the iconic Waldorf Astoria Hotels and Resorts brand to the holy city of Madinah. Signed during the Future Hospitality Summit World in Dubai, this agreement underscores Taiba Investments’ ongoing expansion into the high-end hospitality market and further reinforces the company’s commitment to elevating Saudi Arabia’s tourism sector by partnering with world-renowned hospitality companies such as Hilton.

Sultan Al-Otaibi, CEO, Taiba Investments, said: “This agreement marks a pivotal moment in our strategic growth, reflecting our unwavering commitment to enhancing Saudi Arabia’s hospitality offering across diverse segments. Our collaboration with Hilton and Waldorf Astoria Hotels and Resorts will elevate tourism and hospitality by delivering an extraordinary guest experience in line with the ‘Pilgrim Experience Program.’ This project not only reaffirms our leadership in the sector but also highlights our dedication to Saudi Vision 2030 by providing world-class accommodation that honors the Kingdom’s rich heritage.”

Set to open in 2028, Waldorf Astoria Al-Madinah will mark the debut of the award-winning brand in Madinah, introducing its luxury and signature service to the holy city. Uniquely situated on the northern side of the Prophet’s Mosque, the hotel boasts exclusive, direct views of the holy site and is only a few minutes’ walk away.

Carlos Khneisser, vice president, development, Middle East and Africa, Hilton, said: “We are delighted to extend our partnership with Taiba Investments through this remarkable project. Saudi Arabia remains one of our fastest-growing markets where we plan to grow our footprint to exceed 100 hotels in the coming years. Waldorf Astoria Al-Madinah will bring the brand’s timeless hospitality and elegant service near one of the world’s most sacred sites. Together with Taiba, we look forward to expanding our network across the Kingdom and delivering unforgettable experiences to our guests.”

Waldorf Astoria Al-Madinah will feature more than 300 guest rooms and suites, three world-class dining concepts including the celebrated Peacock Alley café and two thoughtfully curated restaurants including a signature venue. The hotel will house two multi-functional halls, a boardroom, private club lounge, a prayer room, as well as a fitness center.

By pioneering transformative projects, Taiba Investments aims to significantly contribute to local economic growth, generate valuable job opportunities, and support the tourism infrastructure development, all while delivering an experience deeply rooted in tradition.

As part of this strategy, Taiba Investments will renovate the existing Taiba Front Hotel, rebranding it as Waldorf Astoria Al-Madinah. This transformation will merge the global brand’s timeless luxury with the cultural essence of the holy city, elevating the property’s sophistication and exclusivity while consolidating Taiba’s position as a key player in redefining Madinah’s hospitality landscape.