Cenomi Centers to operate iconic new Barakah Mall in Makkah

Adgully Bureau |

Cenomi Centers announces the signing of a non-binding agreement with GIB Capital to operate the Barakah Mall in Makkah, which is set to open for business in 2026.

Boasting a gross area of 80,000 sqm within a larger built up area of 250,000 sqm development and located strategically near Masjid Alharam and accessible to historical sites, the Barakah Mall aims to redefine the shopping experience in the Kingdom introducing an exceptional mixed-use development by seamlessly integrating retail, dining, and entertainment elements.

Cenomi Centers as the leading owner, operator, and developer of contemporary lifestyle centers in the Kingdom of Saudi Arabia, is perfectly positioned to manage and operate this iconic world-class destination. Alpha Development, in partnership with FAS Holding Company and GIB Capital will lead on the development of the mall, utilizing their experiences in designing and building architectural masterpieces, in keeping with the important historical nature of this location.

The development of Barakah Mall is the first phase of the two-phased Barakah Project, a mixed-use landmark in Makkah. This follows the signing of an agreement between GIB Capital and FAS Holding Company who established a new real estate fund, valued at SAR 4 billion, dedicated to the project.

The MoU and future binding agreement will represent a milestone in Cenomi Centers’s strategy to grow its portfolio in the Kingdom. Using an “asset light” model, Cenomi Centers will leverage its expertise in successfully operating lifestyle destinations with no capex nor funding obligation towards the project.

The Real Estate fund will lead the second phase, which will encompass 16 residential and hospitality towers that are designed to complement the retail component, creating a fully integrated experience for visitors and residents. The residential towers will feature luxury living spaces with advanced amenities and panoramic views, while the hospitality units aim to deliver world-class service, elegance, and comfort.

Alison Rehill-Erguven, CEO, Cenomi Centers said: "We are honoured to be entrusted with the management of the Barakah Mall, an endeavour that extends beyond conventional retail. Our goal is to create a space where every visit is not just a shopping experience, but a journey filled with memorable moments. From retail to entertainment, the Barakah Mall will stand as a testament to our commitment to excellence and innovation.”

Mr. Hatim Moumna, CEO and Vice Chairman of the Board of Directors of Alpha said: "By combining our strengths and resources with GIB's strategic guidance and financial support, we aim to revolutionize the real estate sector in Saudi Arabia and contribute significantly to the nation's Vision 2030 objectives. Together, we are committed to launching innovative real estate projects that will not only shape the Kingdom's landscape but also foster community well-being and sustainable development."

Osamah Mohammed Shaker, CEO of GIB Capital, said: “This agreement marks a significant milestone for us at GIB Capital as we aim to diversify portfolios in the Saudi market while offering unique investment opportunities and competitive returns to our clients.”