Westfield Riyadh secures bigger backing + Islam’s oldest mosque is getting a facelift

Boosting funding for mall in Riyadh: Cenomi Centers has increased the shariah-compliant murabaha for its flagship Westfield Riyadh project from SAR 1 bn to SAR 2.7 bn, after the project’s special purpose vehicle reached financial close and signed an upsized facility with Riyad Bank, according to a Tadawul filing.

Where the money goes: The proceeds will fund the completion of Westfield Riyadh, a lifestyle and retail destination being developed through Durrat Al Raed Investment Company, the special purpose vehicle established under the Riyad Real Estate Development Fund. The fund is managed by Riyad Capital Company, with Cenomi Centers as its sole unitholder.

Why it matters: Westfield Riyadh will feature a 38k-sqm skylight, 27 meter floor to ceiling heights, and promises 220k sqm of grass leasable area, as well as Saudi Arabia’s first LEED Gold certified shopping mall. The project is expected to attract 24 mn visitors annually while generating more than SAR 5 bn in annual retail spending once stabilized.

Quba Mosque to grow tenfold in major expansion project

Islam’s oldest mosque is getting a facelift: The Madinah Region Development Authority (MRDA) has put out a tender to expand Quba Mosque — the first mosque built in Islam, dating back to 622 AD — with bids due by the end of August, according to a Meed report. Jasara was tapped as project management consultant, while London-based HKA was brought in to advise on procurement and delivery and Dar Al Omran prepared the expansion design.

The details: The project aims to increase the mosque’s footprint tenfold from its current 5k sqm to 53k sqm, and lift its capacity from 12k to 66k worshipers. The project also covers the restoration of 57 historical sites in the surrounding area as well as the creation of three dedicated pathways, part of a broader effort to deepen Madinah’s cultural and spiritual infrastructure.

Jeddah Islamic and Al Khomrah undergo major expansion

Jeddah Islamic Port has launched what it says is the world’s largest truck staging area, according to an announcement on X. The new logistics zone covers more than 1 mn sqm and is designed to streamline truck traffic and improve cargo handling efficiency at the port. The facility has the capacity to accommodate more than 40k trucks a day.

Mawani will also develop seven logistics centers at the port and Al Khomrah, worth around SAR 1 bn, in collaboration with local and foreign companies, according to another statement. The projects will cover more than 444k sqm and will support warehousing, cargo consolidation, and re-exporting. The agreements also include a SAR 40 mn expansion of Maersk’s logistics center at Jeddah Islamic Port, adding 60k sqm of container yard capacity.