Cenomi Centers’ ten-year franchise agreement with Unibail-Rodamco-Westfield, signed in May 2025, turned Jawharat Riyadh into Westfield Riyadh and gave the Saudi operator’s largest development a name that European and American retailers already lease under. The scheme on King Khalid Road in northern Riyadh, next to the Al Raed district, carries about 220,000 sqm of gross leasable area in Cenomi’s H1 2026 disclosure of 5 August 2026, and the operator’s office leasing materials identify about 65,000 sqm of Grade A office space within it. The structure was 100 percent complete at 30 June 2026 and pre-leasing stood close to 94 percent on agreed heads of terms; Cenomi’s formal guidance, repeated by its chief executive to Argaam on 8 September 2026, places the transition to the operating phase in the fourth quarter of 2026.
The leasing register is the project’s key argument. Cenomi reports more than 300 stores and over 70 flagships committed, with more than 30 brands making their Saudi debut, and a 30,000 sqm luxury precinct planned to hold over 90 brands. Entertainment sits on cinema screens and arcade space, and dining is split into four separate food and beverage zones rather than one court. Westfield Jeddah, the 104,000 sqm sister asset, entered its operating phase on 30 July 2026 at close to 96 percent pre-let, so Cenomi carries two Westfield openings in 2026 with pre-leasing above 90 percent on both.
The office component adds a built-in weekday employment catchment alongside the retail offer. Cenomi projects 24 million visits a year and more than SAR 5 billion of annual retail spend at stabilisation, and targets LEED Gold certification for the centre. Westfield Jeddah is positioned as the first LEED Gold-certified mall in the Kingdom; Westfield Riyadh would be the first in the capital.
For a brand weighing Saudi entry, Westfield Riyadh and The Avenues Riyadh, due in the first half of 2027 at the King Salman Road and King Fahd Road junction, are the two super-regional openings in the capital within nine months of each other. Cenomi expects both Westfield centres to become material earnings contributors after a ramp-up period, with Jeddah alone guided to about SAR 350 million of additional annual EBITDA at stabilisation. Under the URW agreement, Cenomi, formerly Arabian Centres Company and Saudi Arabia’s largest listed mall operator, gains access to the Westfield retailer network and URW’s leasing and operating expertise for the two assets.
