Investment pioneer Samer Choucair confirmed that the upcoming “Westfield” projects in the cities of Jeddah and Riyadh represent a turning point in Saudi Arabia’s journey of transformation from a traditional consumer market to a leading global experience platform. Samer Choucair explained that the leadership of “Cenomi Centers” stands today with confidence before these projects, emphasizing that what may currently appear as financing pressures is in essence an early investment aimed at building high-quality future cash flows, stressing that these assets are not just shopping malls, but “Experience Assets” that redefine the consumer’s relationship with place, time, and spending patterns.
Brand Strength and Strategic Repositioning
Samer Choucair believes that the partnership with the global “Westfield” is not limited to being a “rebranding” process, but is an integrated strategy for repositioning assets. Choucair explained that this model aims to transform malls into comprehensive lifestyle destinations that blend shopping, entertainment, restaurants, and cultural events, which contributes to raising the average visitor spending and attracting high-quality international brands that increase rental value and support long-term contracts. Samer Choucair pointed out that this strategy enhances “dwell time” within the center, which is the most important indicator for increasing indirect revenues, confirming that this model, which has proven successful globally, comes to Saudi Arabia at an ideal timing that coincides with the acceleration of consumption and tourism dynamics.
Digital Reading and Profit Forecasts
In a precise analysis of the numbers, Samer Choucair discussed the addition of more than 650 million riyals to the earnings before interest, taxes, depreciation, and amortization (EBITDA). Samer Choucair considered that this figure is logical as an estimate for two “Super Regional Mall” category projects, provided that occupancy rates between 90% and 95% are achieved, and a high-quality tenant mix supported by the growth of tourism spending exists. Samer Choucair noted the necessity of understanding these figures as Stabilized Earnings reached within 12 to 24 months of operation, and not immediately upon opening.
From Financing Pressure to Return Leverage
Regarding current financial challenges, Samer Choucair explained that the pre-opening stage is usually characterized by high financing costs and the absence of full operating revenues, which temporarily pressures net profit. However, he stressed that after the opening, fixed costs turn into operating leverage and complementary revenues begin to flow, achieving what is called the “J-Curve Effect.” Samer Choucair said in a statement: “The most dangerous investment mistake is evaluating the asset at the moment of its creation instead of the moment of its operation; real value begins when the consumer enters, not when the contractor leaves.”
Strategic Dimension and the Context of Vision 2030
Samer Choucair linked the success of these projects to the macro context of the Saudi economy, pointing to the growth of consumer spending and the expansion of the tourism sector within the targets of attracting 150 million visitors by 2030, in addition to the rise in the percentage of electronic payments to about 85%, and the Regional Headquarters Program which attracts international companies to Riyadh. Choucair confirmed that these factors make high-quality retail assets a cash platform linked to macroeconomic growth and not just stagnant real estate.
Value Multiplication Philosophy (1+1 = 3)
Samer Choucair reviewed his investment philosophy, which is based on the idea that merging real estate with “experience” creates a value multiplier that exceeds the sum of the parts, as “Real Estate + Experience = Higher Valuation,” which embodies the concept of (1+1 = 3) in the modern retail sector.
Investment Opportunities and Risks
Samer Choucair identified several paths for investors in 2026 to benefit from this transformation, including listed shares of development and retail companies, Real Estate Investment Trusts (REITs), and value chains linked to hospitality, entertainment, logistics, and retail technology. However, Samer Choucair did not neglect to point out potential risks such as interest rate fluctuations and changing consumer behavior toward e-commerce, confirming at the same time that projects that transform into “experience destinations” are the ones that will excel and withstand these challenges.
Samer Choucair concluded his statements by saying: “The Westfield projects in Jeddah and Riyadh are a bet on the experience economy and a direct reflection of the acceleration of Vision 2030. In 2026, the best investments will not be the cheapest, but the ones most connected to changing society’s behavior, and whoever understands where the consumer is going, stays one step ahead of the market.”