Gulf Construction Online - Work starts on $3.7bn Avenues

Riyadh/The Big 5 Saudi

The Avenues – Riyadh will feature five multi-purpose towers.

Work starts on $3.7bn Avenues – Riyadh

01 March 2022

The foundation stone has been laid for The Avenues Riyadh, a $3.73-billion major shopping, entertainment and residential destination that is to take shape in the Saudi capital.

Being developed by Shomoul Holding Company, the mixed-use development will spread over a 390,000-sq-m area in a direct strategic location on King Salman Road and the King Fahad Road.

The project will offer a leasable area of 400,000 sq m and a total built-up area of 1.8 million sq m.

The mall will offer a leasable area of 400,000 sq m.

The project will boast five multi-purpose towers that include hotels, residential apartments, offices and parking for 18,000 vehicles. It includes multiple districts such as Prestige, Grand Avenue, The Souk, The Mall, Electra, Oasis, Grand Plaza, The forum and The Walk.

The 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.

On completion, The Avenues – Riyadh mall is expected to be one of the largest and most prominent tourism and entertainment destinations in the world.

A Saudi limited liability company established in 2014, Shomoul Holding brings together the combined experience of the three major Saudi and Kuwaiti companies: Al Fozan, a major Saudi retail, manufacturing, real estate, and trade conglomerate; Mabanee, Kuwait’s largest real estate enterprise by capital value and the owner of The Avenues – Kuwait; and Alshaya Group, the Middle East’s powerhouse of retail, real estate, investment, automotive sales, and projects.

In November last year, Shomoul signed a SR6.4-billion ($1.7 billion) agreement appointing Nesma & Partners as the main contractor for the construction of the project.