Cenomi Centers secures SAR 5.25bn facility deal

Cenomi Centers secures SAR 5.25bn facility deal

Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) obtained total facilities of up to SAR 5.25 billion, on 13 February 2024, in line with a sustainability-linked financing agreement with a syndicate of top-tier banks.

HSBC Saudi Arabia led the arrangement of the syndication, being the exclusive financial coordinator and lead sustainability coordinator, according to a bourse disclosure.

Saudi National Bank (SNB), Saudi Awwal Bank (SAB), Arab National Bank (ANB), Commercial Bank of Dubai (CBD), Mashreq Bank, and Qatar National Bank also participated in the transaction.

The deal consists of a 12-year term sustainability-linked Murabaha facility in two tranches as well as a revolving four-year renewable Murabaha facility.

Cenomi Centers will use the loan to back its growth plans by contributing towards existing facility repayments and underpinning its capital strategy.

Alison Rehill-Erguven, CEO of Cenomi Centers, said: "We are pleased to secure a financing agreement that supports our long-term growth strategies and will drive forward our ambitions to set the benchmark in Saudi Arabia to be the largest and one of the most innovative mall developers and operators.”

“In addition to providing us with fiscal agility, the arrangements tie closely with our sustainability objectives and vision of creating and maintaining a business model that offers a positive, lasting impact on the