07/05/2025 01:15 AST
Cenomi Centers, the leading developer and operator of lifestyle centers in Saudi Arabia, has entered into a landmark exclusive strategic partnership with Unibail-Rodamco-Westfield (URW), a global retail real estate leader. Signed on May 4, 2025, the 10-year agreement grants Cenomi Centers the exclusive rights to operate under the Westfield brand in Saudi Arabia, with an option to extend the partnership for an additional 10 years
In this exclusive conversation, Bruno Wehbe, President - Flagship Assets & New Ventures, Cenomi Centers, discusses the significance and long-term impact of the partnership.
Why this partnership, and who is Unibail-Rodamco-Westfield?
This exclusive partnership with URW marks a pivotal moment for Cenomi Centers. Unibail-Rodamco-Westfield is a globally renowned owner, developer, and operator of sustainable, high-quality real estate assets. It operates 67 shopping centers across 11 countries, 39 of which carry the iconic Westfield brand, drawing over 900 million annual visits.
By securing the exclusive licensing rights to the Westfield brand in Saudi Arabia, Cenomi will gain access to URW's global expertise across leasing, operations, marketing, retail media, and more. This will allow Cenomi's malls to evolve into globally recognized lifestyle destinations-attracting both top-tier brands and growing our appeal to consumers and tourists alike.
How will Cenomi benefit from this collaboration?
The benefits of this partnership are extensive and strategic:
Global Branding: Three of our leading malls-Jawharat Riyadh, Jawharat Jeddah, and Nakheel Mall Dammam-will be the first to carry the Westfield name, with potential expansion to up to eight malls across our portfolio.
Boost Revenues and Growth: Cenomi is expected to significantly boost its GLA and non-GLA revenues, and open new growth avenues for the business.
Tourism and Quality of Life: The partnership directly supports Vision 2030 by promoting tourism and elevating lifestyle offerings across the Kingdom.
Innovation and Differentiation: URW's best-in-class operational systems, digital platforms, and tenant relationships will enhance every aspect of the customer journey and retail mix.
Market Positioning: The Westfield name will reinforce our leadership in the market while enabling us to deliver transformative retail experiences that resonate with modern consumers.
Commenting on the agreement, Bruno Wehbe stated:
"We are proud to launch this exclusive partnership with Unibail-Rodamco-Westfield, a global retail leader. This collaboration significantly enhances our position as the largest owner, operator, and developer of lifestyle destinations in the Kingdom. It aligns with Saudi Arabia's broader economic and sectoral development objectives. We look forward to working closely with our new partners to drive innovation, growth, and success across the Kingdom's retail sector."
What are the objectives of this partnership?
Unlocking Growth Opportunities and Boost Revenues: The collaboration will allow Cenomi to greatly increase its share of 3rd party business it intends to secure over the next 5-10 years. It will also positively impact Cenomi's leasing performance (GLA and non-GLA) and digital media revenues with support from Westfield Rise, URW's international advertising platform.
Expanding Consumer Reach: The Westfield brand's international appeal will help attract a broader customer base, including citizens, residents, and the growing number of visitors to Saudi Arabia.
Strengthening Tenant Mix: Cenomi will leverage URW's tenant network to attract leading global brands and bring first-to-market concepts to Saudi malls.
Delivering a World-Class Customer Experience: The partnership will elevate mall experiences through enhanced design, services, and smart technologies.
Enhancing Operational Efficiency and Sustainability: URW's operational models and sustainability practices will be implemented across Cenomi's portfolio to boost performance and ESG impact.
What is the duration of the agreement?
The strategic partnership spans an initial 10-year term, with an option to extend for an additional 10 years. It includes a structure of fixed and variable licensing and service fees to URW, alongside mutual opportunities for further expansion across Saudi Arabia's retail and licensing sectors.
This milestone collaboration brings together Cenomi Centers' local market leadership with URW's international track record to redefine the retail landscape in Saudi Arabia. The result: an elevated shopping experience for consumers, new growth for tenants and partners, and a powerful contribution to the Kingdom's transformation goals.
Saudi Gazette
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