Cenomi Centers signs pact with GIB Capital to operate Barakah Mall in Makkah

The signing of the agreement

Arabian Centres Co. (Cenomi Centers) announced 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.

With a gross area of 80,000 square metres within a larger built-up area of 250,000 sqm development and located near Masjid Alharam, the mall, which is accessible to historical sites, aims to integrate retail, dining, and entertainment elements.

Cenomi Centers as an owner, operator, and developer of contemporary lifestyle centers in Saudi Arabia, is positioned to manage and operate this world-class destination.

Alpha Development, in partnership with FAS Holding Company and GIB Capital will lead 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.