• Transaction met with strong international investor demand and oversubscribed by 3.2X
  • Issuance to refinance the 2024 maturity and support growth by Saudi Arabia’s largest shopping mall owner, developer, and operator.


Manama – 09 March 2024: GFH Financial Group (GFH or the Group) today announced that it has acted as one of the Joint Lead Managers (JLMs) and bookrunners for the successful issuance of a US$500 million 5-year sukuk by Arabian Centers Company (trading as Cenomi Centers), Saudi Arabia largest shopping mall owner, developer, and operator.

With a total order book exceeding US$1.6 billion, an impressive 3.2X oversubscription, the transaction was met with strong international investor demand from Asia, the Middle East, Europe, and North America.

Commenting, Ahmed A.Rahman Jamsheer, Head of Treasury Investments at GFH , said, “ We’re delighted  to have played a strategic role in this transaction for Cenomi Centers. The success of this issuance not only demonstrates GFH’s strong capital markets capabilities but also reflects the trust and confidence that investors worldwide place in the Group. Furthermore, through this issuance, we are pleased to support Cenomi’s vision to provide its customers in the Kingdom with world-class lifestyle propositions. In alignment with Saudi Vision 2030, GFH is dedicated to helping deliver infrastructure and other strategic projects that contribute to the Kingdom’s economic diversification and growth.”

Frederik Foussat, CFO at Cenomi Centers, added, “This is a strategic transaction as we continue to execute on our corporate finance strategy to enable us to drive forward our growth journey during this very exciting time of opportunity and transformation in the Kingdom of Saudi Arabia.  We are grateful for the support GFH provided, and with the Group’s regional and global reach of a high quality and diverse investor base, was instrumental in the successful conclusion of this issuance.”



About GFH Financial Group B.S.C.

GFH Financial Group is one of the most recognised financial groups in the Gulf region. Its businesses include Investment Management, Commercial Banking and Treasury & Proprietary Investments, with assets and funds under management exceeding US$21 billion dollars. The Group’s operations are principally focused across the GCC, North Africa and India, along with strategic investment in the U.S., Europe and the U.K. GFH is listed in Bahrain Bourse, Abu Dhabi Securities Exchange, Boursa Kuwait and Dubai Financial Market. For more information, please visit www.gfh.com.


About Cenomi Centers:

Cenomi Centers is the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia. For over a decade, the Company has provided customers with a complete range of high-quality lifestyle centers up to international standards, located in the most attractive areas of the country to satisfy all shopping needs and market requirements. Today, Cenomi Centers has a portfolio of 21 assets strategically located in 10 major Saudi cities.


Media Contacts:


GFH Financial Group

Nawal Al-Naji

Senior Manager- Corporate Communications

Tel: +973 17538538

Email: nalnaji@gfh.com

Website: www.gfh.com