Cenomi Centers: Westfield branches in Jeddah, Riyadh to raise 2026 EBITDA by SAR 650M
Through its partnership with Unibail-Rodamco-Westfield (URW), Cenomi Centers will develop six malls, of which Westfield Jeddah and Westfield Riyadh will be opened by 2025-end and by Q2 2026, respectively.
In an interview with Asharq Business, Erguven said the relevant financial impact is expected to show in 2026 once both malls are up and running.
Regarding the completion of Cenomi Centers' program to sell non-core assets at an estimated market value of around SAR 2 billion, the CEO added that the company will exit the remaining assets worth SAR 900 million in the second half of 2025. Most of these are land plots located in Al-Qassim.
In May, Cenomi Centers signed an exclusive 10-year strategic partnership and franchise agreement with URW, under which the former obtains exclusive licensing rights for the Westfield brand in Saudi Arabia, Argaam earlier reported.
Cenomi Centers' net profit rose to SAR 688.8 million in H1 2025, compared to SAR 531.5 million during the same period in 2024, while the second-quarter profit reached SAR 471.8 million.
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