Cenomi Centers welcomes S&PGR’s assessment of $1.6bn existing sukuks

Cenomi Centers welcomes S&PGR’s assessment of $1.6bn existing sukuks
Short Url
Updated 22 January 2025
Follow

Cenomi Centers welcomes S&PGR’s assessment of $1.6bn existing sukuks

Cenomi Centers welcomes S&PGR’s assessment of $1.6bn existing sukuks

Cenomi Centers, Saudi Arabia’s leading owner, operator and developer of shopping malls, has welcomed Standard and Poor Global Rating’s assessment of two of its existing sukuk issuances totaling $1.6 billion, providing “BB-” issue ratings for Sukuk II (2026) and Sukuk III (2029).

The instrument rating follows S&PGR’s assignation to Cenomi Centers of a “BB-” (stable) company rating in December, finding that it expects EBITDA growth over the course of 2025, citing strong footfall and the upcoming Jawharat developments as reasons for optimism. 

S&PGR announced the rating of existing issuances for Cenomi Centers’ Sukuk II, due in October 2026 and valued at $875 million, and Sukuk III, due in March 2029 and valued at $710 million, reporting that the sukuks met the agency’s criteria for assessment. 

The rating recognizes Cenomi Centers’ continued strong performance, with the business’ most recent results in Q3-24 recording a 3.4 percent y-o-y increase in total revenue. Comparing nine-month results from the period, Cenomi Centers delivered steady growth with an increase in revenue of 2.9 percent (9M-24) compared to the same period in the previous year, driven by the grand opening at U Walk Jeddah, increase in occupancy and increase in both media sales and ancillary revenue streams.

The existing sukuk issuances represent a strategic financial move that has strongly resonated with a broad investor base, positioning the company for sustainable growth.

Alison Rehill-Erguven, CEO, Cenomi Centers, said: “We welcome S&PGR’s acknowledgement of our stability and commitment to long-term growth strategies that will drive forward our ambitions to be the largest and one of the most innovative mall developers and operators in the Middle East. Our issuance of these sukuks not only opens up new avenues for investment but also aligns with the values of a significant segment of the global investment community. By opting for sukuk, Cenomi Centers is not just raising capital; it is making a statement about its corporate values and its vision for the future.

“Cenomi Centers has an incredibly exciting year ahead, with our flagship projects Jawharat Riyadh and Jawharat Jeddah progressing well, and occupancy and leasing demand levels continuing to be high across all of our sites.” 


Carrier opens its new Middle East experience center in Dammam

Carrier opens its new Middle East experience center in Dammam
Updated 11 March 2025
Follow

Carrier opens its new Middle East experience center in Dammam

Carrier opens its new Middle East experience center in Dammam

Carrier in the Middle East proudly announces the opening of its newest Carrier Experience Center in Dammam.

This premier training hub will serve channel partners, customers, and educational institutions across Saudi Arabia, reinforcing Carrier’s commitment to industry development and knowledge sharing. Carrier is a part of Carrier Global Corporation, a global leader in intelligent climate and energy solutions.

Designed to provide hands-on training and in-depth technical knowledge on Carrier’s advanced HVAC technologies, the center offers structured courses, practical demonstrations and expert-led workshops. It will enable channel partners and customers to enhance their skills and stay ahead in a rapidly evolving industry.

Additionally, the center will collaborate with universities and educational institutions, offering specialized programs to equip the next generation of HVAC professionals with essential knowledge and expertise.

“Carrier has always been committed to empowering our partners and customers with the latest knowledge and technological advancements,” said Tony Jabbour, managing director, Carrier Middle East. “The launch of the Carrier Experience Center in Dammam reflects our dedication to strengthening technical capabilities in the region and supporting the future of the HVAC industry in Saudi Arabia.”

The center also features a comprehensive product display showcasing Carrier’s latest HVAC products and solutions. This display enables customers to experience firsthand the cutting-edge technologies and innovations that Carrier offers, helping them make informed decisions about their HVAC needs.

Salman Zebian, general manager, Carrier Saudi Arabia, added: “This new facility will serve as a center of excellence, offering best-in-class training and resources to our partners and customers. By extending our expertise to educational institutions, we are also fostering talent development and preparing future leaders in the HVAC sector.”

The opening event was attended by key customers and Carrier team members, underscoring the company’s commitment to driving innovation and excellence in the region. The Carrier Experience Center in Dammam marks a significant step in Carrier’s mission to enhance industry knowledge and technical proficiency in Saudi Arabia.


Aldar partners with The Digital School to support communities, empower future

Aldar partners with The Digital School to support communities, empower future
Updated 11 March 2025
Follow

Aldar partners with The Digital School to support communities, empower future

Aldar partners with The Digital School to support communities, empower future

Aldar has signed a partnership with The Digital School, a Mohammed bin Rashid Al Maktoum Global Initiative, to support the groundbreaking “Donate Your Own Device” campaign. Aligned with the UAE’s Year of Community, this collaboration underscores Aldar’s unwavering commitment to enhancing digital access to education, ensuring that students locally and internationally have the tools they need to thrive.

The “Donate Your Own Device” campaign is a powerful initiative aimed at bridging the digital divide worldwide by encouraging individuals and organizations to contribute unused laptops, tablets, and other electronic devices. In a world where technology is integral to education, this campaign is creating a path to opportunity for students who lack the necessary resources to access digital learning.

As part of this collaboration, Aldar will contribute AED 500,000 as well as donating used electronic devices from its offices, schools, and communities, promoting a circular economy. This collective effort will not only provide essential tools for online learning but will also empower students to engage with educational content, develop critical digital skills, and unlock their potential for a brighter future.

Faisal Falaknaz, chief financial and sustainability officer at Aldar, said: “Our partnership with The Digital School is a testament to Aldar’s belief that education is a fundamental right and a powerful catalyst for change. Bridging the digital divide is essential in today’s world, and this impactful initiative will enable every child, regardless of their background or circumstances, to access quality education and equip them with the tools they need to succeed. We are not only investing in individuals but also contributing to a brighter, more equitable future.”

Dr. Waleed Al-Ali, secertary-general of The Digital School, said: “Our collaboration with Aldar marks a pivotal step in closing the digital gap and expanding access to digital education for students in need across the globe. The ‘Donate Your Own Device’ initiative goes beyond simply redistributing technology—it’s an investment in the future, ensuring that every student has the opportunity to learn, grow, and thrive in an increasingly digital world.” 

This partnership underscores our unwavering commitment to providing high-quality, flexible education, working alongside dedicated partners who share our vision for a more inclusive and sustainable learning experience.”


Mastercard, LikeCard launch family banking solution to make smart spending simpler

Mastercard, LikeCard launch family banking solution to make smart spending simpler
Updated 11 March 2025
Follow

Mastercard, LikeCard launch family banking solution to make smart spending simpler

Mastercard, LikeCard launch family banking solution to make smart spending simpler

Mastercard and LikeCard, one of the leading platforms of e-commerce prepaid cards in the Middle East and North Africa region, have partnered to launch an innovative family banking solution designed to enhance financial literacy and responsible spending. 

The platform empowers parents and children with a seamless and secure digital banking experience, helping families make smarter financial decisions together.

With AI-powered financial tools integrated into a simple smartphone app, the solution makes it easier for families to track expenses, set spending limits, and teach children essential money management skills. Parents gain real-time oversight, while children develop healthy financial habits through interactive learn-and-reward features.

“At Mastercard, we believe financial literacy is the foundation of economic empowerment. By partnering with LikeCard, we are equipping families across MENA with the knowledge and tools to build responsible financial futures. This solution reimagines banking for the digital age, fostering smarter spending and saving habits for the ‘digital natives’ generation,” said Muhammad Nana, senior vice president, digital partnerships and enablers, Mastercard EEMEA.

The platform’s Earn, Spend, and Save feature allows children to earn rewards for completing chores, set savings goals, and develop responsible money habits.

“LikeCard was founded to bridge financial access gaps with innovative, user-friendly digital solutions. Our collaboration with Mastercard brings an AI-driven family banking experience to the region, empowering families with financial literacy tools while enhancing security and convenience,” said Ammar Alsoos, CEO, LikeCard.

Beyond banking, the solution offers personalized savings opportunities, including cashback rewards and discounts on education, entertainment, health, and virtual investments. Families can also access tailored financial products such as installment plans and lending solutions, making it easier to manage expenses and plan for the future.

By simplifying financial education and embedding responsible spending tools into everyday life, Mastercard and LikeCard are helping families across MENA build a smarter, more secure financial future-together.


Dyson continues its expansion in KSA with Red Sea Mall opening

Dyson continues its expansion in KSA with Red Sea Mall opening
Updated 10 March 2025
Follow

Dyson continues its expansion in KSA with Red Sea Mall opening

Dyson continues its expansion in KSA with Red Sea Mall opening

Dyson is reinforcing its commitment to the Kingdom of Saudi Arabia with the opening of a new Dyson Demo Store in Jeddah, further solidifying the importance of the Saudi market with its growing presence in the region. Opened at Red Sea Mall in Jeddah, the new store will offer immersive experiences that bring Dyson’s pioneering technology to life.

The new Dyson Demo Store will showcase the brand’s full product portfolio, including hair care, floor care, environmental care, and audio innovations. 

Customers will have the opportunity to receive personalized technology demonstrations and expert advice from brand specialists, ensuring an interactive and educational shopping experience.

The Red Sea Mall store in Jeddah opened Feb. 27, spanning 120 sqm and strategically located at the mall’s main entrance, opposite Bateel Café. 

The store features two private styling stations and for the first time in the Kingdom a wash basin. The styling stations are suitable for veiled customers, allowing visitors to trial Dyson’s advanced hair care technology and book styling sessions upon request. 

Stylists will demonstrate the latest products, including the Dyson Airwrap i.d. multi-styler, the Supersonic Nural hair dryer, the Dyson Airstrait and Dyson Corrale cord-free straightener, offering personalized sessions tailored to each visitor’s needs to help them choose which device to take home.

Additional to the styling stations, the store offers customers access to Dyson’s full range of its newest innovations such as the 360 Vis Nav robot vacuum, the Big+Quiet Purifier, and the sleek OnTrac headphones, which offer 55-hour run time.

The new store opening represents another significant milestone in Dyson’s expansion in the Kingdom, following the successful launch of the flagship store in Nakheel Mall, Riyadh last year. 

Dyson remains dedicated to providing consumers with direct access to its cutting-edge technology, creating dedicated spaces for immersive, hands-on experiences. 

The brand continues to focus on enhancing the in-store experience, allowing customers in Saudi Arabia to explore, test, and discover its revolutionary technology up close.

All Dyson’s products are available for purchase online at www.dyson.sa or from Dyson stores located in Nakheel Mall in Dammam and Riyadh, and now in Red Sea Mall.


AUS partners with Group AMANA to drive student development

AUS partners with Group AMANA to drive student development
Updated 10 March 2025
Follow

AUS partners with Group AMANA to drive student development

AUS partners with Group AMANA to drive student development

American University of Sharjah’s Engineering Al Nukhba Program has welcomed Group AMANA, a regional leader in design-build construction, as its newest industry partner. The memorandum of understanding signed between the two parties will offer AUS students professional training, career development and research opportunities, strengthening the link between academia and industry.

The AUS Engineering Al Nukhba Program, designed to foster immersive industry partnerships, gives engineering students a competitive advantage by connecting them with leading firms across multiple disciplines. Through hands-on training, mentorship and research collaboration, the program ensures students are equipped with the practical skills needed to succeed in an evolving job market.

Dr. Fadi Aloul, dean of the AUS College of Engineering, emphasized the strategic significance of the partnership, stating: “Building meaningful partnerships with industry is key to equipping our students with the tools to excel in an increasingly complex and competitive global market.

“Our collaboration with Group AMANA aligns with our vision to produce engineering graduates who are future-ready—combining technical expertise with practical industry insights and leadership capabilities. Together, we are preparing the next generation of innovators who will shape the future of construction and engineering.”

Joe Labaki, chief operating officer, at Group AMANA: “I would like to thank American University of Sharjah for this valuable opportunity to collaborate with the next generation of leaders. This MoU marks a significant step in fostering innovation, knowledge exchange and a shared commitment to shaping the future of engineering.”

“This partnership will help empower these future leaders with real-world insights and hands-on experience. We are excited to welcome them to our sites across the UAE, where they will have the chance to witness the impact of cutting-edge engineering solutions that are transforming the industry,” said Labaki.

Under the agreement, Group AMANA will recruit and train AUS students through several professional development pathways, including internships, graduate recruitment and AMANA’s Graduate Program “AMANA.Seed”— an intensive track designed to develop high-potential individuals for leadership roles within the company.