Skip to content Skip to Search
Skip navigation

Cenomi enters Uzbekistan as new mall launches

Cenomi will open stores in Tashkent City Mall Uzbekistan Cenomi
Franchiser Cenomi Retail will open Inditex stores in the upcoming Tashkent City Mall
  • Saudi retailer opening 9 stores
  • Tashkent City Mall to cover 250,000 sq m
  • Cenomi following ‘Saudi First’ strategy

Saudi franchiser Cenomi Retail has announced plans to enter Uzbekistan as part of its capital city’s urban redevelopment.

The retailer has signed an agreement for nine international brands to open in Tashkent City Mall, an upcoming 250,000 sq m project.

Having signed Aldo and Cinnabon agreements in April, the company confirmed that it will also open seven Inditex brand stores in the new mall, anchored by Zara, in addition to Pull & Bear, Stradivarius, Massimo Dutti, Bershka, Oysho and Zara Home. 

The partnership is despite a “Saudi First” strategy announced by Cenomi earlier this year under which it is considering options to exit markets in the United States and the Balkans.  

It will also close 55 stores in Morocco and Egypt as part of its drive for profitability.

However, the company says it is confident of success in Uzbekistan. The country has a population of more than 30 million and a retail sector that is modernising to meet the increasing demands of consumers.

“The retail sector in Uzbekistan is continually picking up pace, seeing double digit growth in sales,” Dr Gunther Helm, CEO of Cenomi Retail, said.

“Having experienced strong success in a number of CIS (Commonwealth of Independent States) countries to date, we are confident that our know-how will promote Uzbekistan as a vibrant market for growth.”

Uzbekistan has attracted billions of dollars worth of investments from Gulf-based companies in the clean energy sector.

Earlier this year, Saudi-based Acwa Power unveiled $2.5 billion deals with the National Electric Grid of Uzbekistan and Uzbekistan’s Ministry of Investment, Industry and Trade to include three solar projects and three battery energy storage systems on top of plans for three wind power plants.

Leaders from the GCC and countries in Central Asia, known as the C5 bloc, pledged to boost trade at a summer summit in Jeddah.

Latest figures show the value of GCC exports to Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan surpassed $2 billion, while imports totalled more than $1 billion.

Cenomi Retail posted net profit of SAR113 million ($30 million) during the first six months of 2023, compared with a small loss in the year-earlier period as the company closed dozens of stores.

Cenomi Retail, formed as Fawaz A Alhokair & Co in 1990, trades in more than 1,300 stores across 100 shopping malls in 11 countries and employs 10,000 people. 

Latest articles

EGSH

Dubai launches one-stop hub to streamline government services

People in Dubai can now obtain an Emirates ID, register a company, open a bank account and more under one roof following the opening of the Emirates Government Services Hub (EGSH). Owned by Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of the Dubai Royal family, EGSH allows clients to access all essential […]

In association with
Thailand's consul general Kitinai Nutakul visits the Saudi Ministry of Foreign Affairs in Jeddah

Thailand opens investment office in Saudi Arabia

Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […]

hajj saudi arabia

Saudia reports big rise in international passengers

Saudi Arabia’s national carrier Saudia reported a 24 percent increase in international passengers to 9.1 million in the first half of 2024. There was also a 13 percent rise in the number of flights. The Hajj pilgrimage in June played a large part in the growth.  The number of passengers flying on domestic routes rose […]

renewables target dam

World is off track to meet Cop28 renewables goal

The world is far from reaching its 2030 renewables target, the International Renewable Energy Agency (Irena) said on Thursday. Countries committed at the Cop28 summit in Dubai last year to treble renewables capacity in order to limit global warming to 1.5C. To stay on course global capacity growth needs to accelerate to a minimum rate […]