Cenomi Centers Secures Increased Funding for Westfield Riyadh

Summary:

Cenomi Centers announced that the developer of Westfield Riyadh has secured an upsized shariah-compliant Murabaha financing facility from Riyad Bank, increasing committed funding to SAR2.7 billion ($707 million) from SAR1 billion ($262 million). The 9.5-year facility includes a two-year grace period and is backed by personal guarantees from key shareholders and corporate guarantees from Lynx Contracting and FAS Real Estate. The funds will cover construction costs for features like a luxury retail wing and VIP lounge. Westfield Riyadh will feature the region’s largest skylight and various lifestyle amenities, aiming for LEED Gold certification.