"INNOVATE SAUDI ARABIA"

An integral part of Harvard Business Review , September 2024

INTERVIEW TOPICS
Mohamad Mourad
Group Managing Director and CEO of Cenomi Group,

Saudi Arabia’s economy is booming, unemployment is at a record low, the output gap is closed, inflation is
contained, and fiscal and external buffers have been rebuilt. The continuation of Vision 2030 reforms has helped
advance the country’s economic diversification agenda, including through reduced reliance on oil.What are the
biggest challenges and opportunities that lie ahead in order to achieve the Kingdom’s vision 2030goals?

Since inception Cenomi has raised the standards of excellence in the region’s retail and commercial sector.
It has a heritage as a successful enterprise in the Kingdom with a proven track record of reacting to economic
and market changes. What are core principles that have made the company such an ongoing success?

How does Cenomi, as the Kingdom's premier fully integrated retail and shopping center organization, leverage
its position to craft captivating spaces that bridge consumers with top-tier brands, products, and services? In
what ways do the natural synergies among Cenomi's operating companies contribute to offering immersive,
omnichannel lifestyle experiences?

Reimagining Malls for the Future: As consumer expectations and the retail environment continue to
evolve, the traditional mall model is being reimagined. What is Cenomi's vision for the future of malls? How are
you innovating the physical space and tenant mix to keep malls relevant, engaging, and profitable in the digital
age

Customer Experience and Digital Engagement: The digital revolution has significantly impacted how
consumers interact with brands and make purchasing decisions. How is Cenomi leveraging digital platforms and
technologies to enhance customer engagement and experience both online and in physical spaces? Are there any
specific digital initiatives or partnerships you are excited about?

As Cenomi continues to grow, could you elaborate on how the company is balancing expansion with
sustainability, particularly with regards to supply chain management and environmental impact?
How do you see the role of shopping malls evolving in terms of becoming community hubs with a focus on
entertainment, leisure, and social interaction, beyond just shopping?"

As the global population increasingly urbanizes, with an expected two-thirds residing in urban areas by 2050,
nations are significantly funding smart city infrastructures and new technologies such as AI, IoT, smart
mobility, and clean technology. These investments aim to develop more intelligent urban environments
that integrate services and meet the demands of their inhabitants. What strategies are being implemented to
construct the urban landscapes of the future? Additionally, how is CENOMI utilizing these technological
advancements for the betterment of the community?

The annual trade between the United States and Saudi Arabia reached a value of USD 20 billion by the end
of 2021. Economic ties between these two nations are undergoing diversification, with significant American
investments establishing Saudi Arabia as a key regional ally. These investments encompass various sectors,
including industry, shipping, real estate, and finance.
--- CENOMI-and the United States: Forging alliances in investment, conducting commercial research, and
facilitating the transfer of technology with American firms and investors.

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