Riyadh - Mubasher: Arabian Centres Company (Cenomi Centers) has completed major construction and the transition to the operational phase for its Westfield Jeddah project.
The company secured the occupancy certificate for the development on 30 July 2026. As of the announcement date, the project has achieved a pre-leasing rate of approximately 96%.
Cenomi Centers is currently coordinating with tenants to finalize internal fit-outs in preparation for commercial openings and the attainment of target occupancy levels.
Once operations stabilize, the Westfield Jeddah project is projected to contribute approximately SAR 350 million to the company’s annual earnings before interest, taxes, depreciation, and amortization (EBITDA).
This contribution is expected to strengthen the firm's net profit and cash flow position.
The development is positioned as a premier urban and commercial destination in Jeddah, featuring a comprehensive portfolio across the luxury, retail, entertainment, and food and beverage sectors.
The project is notable for being the first shopping center in Saudi Arabia expected to receive the LEED Gold certification and includes an international-standard luxury wing.
Last month, Fitch Ratings revised Cenomi Centers’ credit outlook to stable from negative, affirming the company’s long-term credit rating at ‘BB.’
