$1.6bn deal signed for The Avenues Riyadh
01 December 2021
Kuwait-based real estate development company Mabanee said one of its subsidiaries, Shomoul Holding Company, has awarded the main contract worth KD520 million ($1.76 billion) to Nesma & Partners for the development of The Avenues – Riyadh mall.
Spread over a 390,000-sq-m area, The Avenues – Riyadh will be a premier destination for shopping, entertainment and residing in Saudi Arabia.
The retail destination, which enjoys a strategic location on King Salman Road and the King Fahad Causeway, will contribute to strengthening the service and retail sectors in the kingdom as well as creating tens of thousands of job opportunities, said Mabanee Company.
With a gross leasable area of 400,000 sq m and a built-up area of more than 1.4 million sq m, The Avenues – Riyadh will be one of the largest commercial malls in the Middle East.
Part of the project will consist of five multi-purpose towers that include hotels, residential apartments, offices and parking for 18,000 vehicles.
The Avenues – Riyadh will include multiple districts such as Prestige, Grand Avenue, The Souk, The Mall, Electra, Oasis, Grand Plaza, The forum and The Walk.
The Kuwaiti developer said Avenues - Riyadh will include four hotels operated by Hilton, including a 350-room Waldorf Astoria, a 400-room Conrad, a 450-room Hilton Garden Inn, as well as a 150-room Canopy by Hilton, the first of Hilton’s lifestyle Canopy by Hilton brand in the Middle East.
The deal is being facilitated through Shomoul Commercial Company, a Saudi company 60 per cent owned by Mabanee.
Mohammad Alshaya, Chairman of the Board of Shumoul Holding Company and Mabanee, and Abdulaziz Al-Turki, Chairman of the Board of Nesma & Co, signed the agreement at Shumoul Holding Company’s headquarters in the Saudi city of Al Khobar in the presence of a number of board members and the CEOs of both companies.
On completion, The Avenues – Riyadh mall will be one of the largest and most prominent tourism and entertainment destinations in the world.
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