https://arab.news/9mxcg
Cenomi Centers, the largest owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, announced that construction of its flagship development — Jawharat Jeddah — is powering forward, with the center on track to complete by the end of 2025.
Leasing demand at the center remains strong with pre-leasing now at more than 70 percent complete. Upon opening, Jawharat Jeddah will feature 300 stores including 50 flagship stores and 10 new brands in the city for the first time. Jawharat Jeddah will also feature the city’s first world-class luxury wing with more than 60 brands along with next-generation entertainment, a pioneering events hub, three distinct experiential food and beverage zones and a state-of-the-art immersive digital experience.
Jawharat Jeddah is located in the heart of the city’s northern expansion path, capturing 90 percent of high-income households within a 30-minute drive, and has a spend potential of more than SR3 billion ($800 million). It is expected that the center will be No. 1 for footfall and spend and will attract over 15 million visitors annually. Jawharat Jeddah benefits from being centrally positioned on one of the city’s busiest roundabouts, just a 10-minute drive to the airport and close to key developments including Jeddah Corniche, several five-star hotels, key hospitals and residential neighborhoods. Additionally, it has easy access to Makkah, visited by more than 13 million people in 2023.
The retail center will become Jeddah’s first Gold-LEED certified mall demonstrating high sustainability standards. It is also a cornerstone of the Kingdom’s Vision 2030, driving retail sales and tourism and employing 2,500 Saudis, including 1,500 women.
Together, Jawharat Jeddah and Jawharat Riyadh are expected to become Cenomi Centers’ top two malls in terms of footfall, revenues and EBITDA, with each far exceeding the top mall in Cenomi Centers’ current portfolio. Upon stabilization, this will result in EBITDA of more than SR650 million, 40 percent of current EBITDA.
Bruno Wehbe, COO of Cenomi Centers, said: “We are extremely pleased with the progress being made at Jawharat Jeddah. Brands are continuing to place their trust in Cenomi Centers’ vision for retail and entertainment, and as we near completion, anticipation is building both locally and internationally. Cenomi Centers has provided customers with high-quality lifestyle centers for over two decades and with the new Jawharat developments both in Jeddah and Riyadh, we will be taking retail to the next level in the Kingdom.”
Ghassan Abu Mutier, chief development and delivery officer, Cenomi Centers, said: “Jawharat Jeddah is a very important development and will change the way Saudi Arabia imagines retail and lifestyle experiences. Being the first Gold-LEED certified mall in the Kingdom will be a proud moment for Cenomi Centers, keeping our commitment to ESG at the heart of this development. We look forward to welcoming our retailers as we handover their retail spaces from early 2025 for fit out and crafting unique entertainment and retail experiences with the most wanted brands.”