Westfield Jeddah is building out its day-to-day operations, with owner Cenomi Centers signing a three-year facilities-management deal worth an estimated SR104mn ($28mn).
Saudi-based Daam Facilities Management secured the contract on Monday to manage and coordinate facilities services at the mall.
#WhereThingsStand: Westfield Jeddah entered its operational phase on July 30 after receiving its occupancy certificate. Cenomi reported a pre-leasing rate of nearly 96%, with tenants preparing their stores for trading. The latest deal marks another step in bringing the mall into full operation.
#TheDeal: Cenomi Chairman Fawaz Alhokair has an indirect interest in Daam. He abstained from the board's discussions and vote. Cenomi said the contract was agreed on market terms without preferential treatment and will be presented to shareholders annually for approval.
#WhyItMatters: Westfield Jeddah may be officially operational, but the mall has yet to reach its full potential. With nearly 96% of space pre-leased, the question is no longer whether Cenomi can attract tenants, but how quickly those tenants open their doors and bring the mall to life.
Cenomi expects SR350 million in annual operating earnings once the development stabilises. For now, the gap between signed leases and a fully functioning shopping destination remains the story.
