SAR 2.7bn Financing Advances Westfield Riyadh Mall

Financing arrangements are advancing for several major retail and lifestyle projects in Riyadh, strengthening the capital's position as a regional shopping and entertainment destination. A key step involves committed shariah-compliant Murabaha facilities to develop the Westfield Riyadh flagship lifestyle mall.

The mall is being developed through a special-purpose vehicle, Durrat Al Raed Investment Company Limited, established under the Riyad Real Estate Development Fund. Committed Murabaha facilities from Riyad Bank now total SAR 2.7 billion, upsized from an initial SAR 1.0 billion, with an accordion option of a further SAR 200 million that could raise the total facility size to SAR 2.9 billion.

The financing runs for 9.5 years from financial close, comprising a 2-year grace period on principal repayment during construction and initial ramp-up, followed by 7.5 years of scheduled repayment. Funds will cover remaining construction costs, including a VIP lounge, a luxury retail wing in a later phase, and support for tenants' fit-out. The Riyad Real Estate Development Fund is a private closed-ended real estate investment fund, with Cenomi Centers as the sole unitholder in the fund sponsoring the SPV.

Wider retail funding

Beyond Westfield Riyadh, a SAR 5.25 billion sustainability-linked Murabaha package supports next-generation retail experiences, including flagship malls such as Jawharat Riyadh and Jawharat Jeddah. It comprises a 12-year facility in two tranches plus a renewable 4-year revolving facility. Two closed-end real estate investment funds launched with Cenomi Centers for the two Jawharat projects carry a combined capitalisation of SAR 6.2 billion.

Separately, a mixed-use fund for King Salman Park — covering residential, commercial, retail, and lifestyle components — has a total project value exceeding SAR 3.2 billion under a CMA-regulated fund model. For residents, the momentum points to more shopping, dining, and leisure options across Riyadh in the coming years.

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