There’s something quietly radical about what just happened in Riyadh. While most global headlines obsess over e-commerce disruptions, the real retail revolution is unfolding inside a category many once thought past its prime: the mall.
Cenomi Centers—a powerhouse of retail real estate in Saudi Arabia—has inked a 10-year, extendable partnership with Unibail-Rodamco-Westfield (URW), the European and American heavyweight behind the Westfield brand. At its core, this is a franchising and strategic licensing agreement, but its ambition goes far beyond that, pointing toward a new model for integrated urban development and long-term value creation.
A decade-long bet on experience
According to the announcement of the deal, the agreement represents a long-term strategic commitment, designed to embed global best practices into the core of Saudi retail development. Cenomi gains access to URW’s deep expertise across leasing, operations, marketing, and tenant relationships, while retaining full ownership and operational control of its centers, including those set to be rebranded.
So, what does this partnership actually mean? What’s taking shape here is the transfer of a proven operating model. URW brings decades of experience managing flagship destinations—67 shopping centers in 11 countries, drawing 900 million visits annually—with a track record built on future-focused, sustainability-led development. The partnership connects Saudi malls to global standards while allowing them to evolve on their own regional terms.
A new era for malls in Saudi Arabia?
This partnership is a direct expression of Saudi Arabia’s Vision 2030 in action. It goes beyond retail, showcasing how the Kingdom is leveraging international expertise to accelerate its shift toward a diversified, experience-led economy. By securing exclusive rights to the Westfield brand in KSA, Cenomi is both rebranding key assets and adopting a proven global model for retail innovation. The deal signals a broader ambition: to position the Kingdom as a hub for world-class lifestyle destinations that serve both local communities and international visitors.
In that light, the rebranding of Jawharat Riyadh, Jawharat Jeddah, and Nakheel Dammam is intentional. These assets are being repositioned as high-performance urban platforms that integrate retail, technology, and hospitality to meet global benchmarks while maintaining cultural relevance. With up to eight malls slated for redevelopment, the initiative enhances Saudi Arabia’s growth potential in tourism, retail, and real estate—three key drivers of its long-term economic diversification under Vision 2030.
As Alison Rehill-Erguven, CEO of Cenomi Centers, puts it: “We are thrilled to embark on this groundbreaking and exclusive partnership with URW, a global leader in the retail industry. This collaboration not only solidifies our position as the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, but also aligns with the Kingdom’s broader goals for economic growth and development in both the sector and region. Together, we will cement our position as the leader in KSA by introducing exciting new growth and tenancy opportunities for many years to come.”
The long game
As much as the deal strengthens Cenomi’s local position, it also offers Unibail-Rodamco-Westfield a high-impact entry into one of the most dynamic retail and real estate markets in the world. Through this announced partnership, URW extends the reach of its Westfield brand into Saudi Arabia for at least the next decade—anchoring its presence in a market defined by rapid urban development, rising consumer demand, and the accelerating momentum of Vision 2030. The agreement allows URW to monetize its global platform, tenant network, and operating expertise in a region where lifestyle infrastructure is a national economic priority.
Jean-Marie Tritant, CEO of URW, called Cenomi Centers “an incredible partner that shares our vision for the future of retail,” and noted that its portfolio of flagship destinations “matches the ambition of the Westfield brand, providing the perfect platform to deliver Westfield’s unmatched experience to customers and visitors in the Kingdom while also supporting the brand’s international expansion. We are tremendously proud of the partnership, and the opportunity to work with Cenomi Centers to contribute to the broader economic and development goals of the Kingdom.”
The Cenomi–URW alliance reflects a commitment to playing the long game. And it’s a reminder that in retail the future belongs to those who are willing to think ten years ahead.
