Gulf Construction Online - Work kicks off on $1.95bn The Avenues

Saudi Focus

The Avenues – Khobar ... to open in 2027.

Work kicks off on $1.95bn The Avenues – Khobar

01 October 2024

Construction has kicked off at a rapid pace on Phase One of the SR7.3 billion ($1.95 billion) groundbreaking mixed-use development, The Avenues – Khobar in the Eastern Province of Saudi Arabia, following the award of the construction contract to a Saudi-Kuwait joint venture in August.

The contract was awarded by the developer Shomoul Holding Company – a subsidiary of Kuwait-based developer Mabanee – to a joint venture of Saudi group AlKifah Contracting Company and Kuwait-based Al Ahmadiah Contracting. Working alongside Kuwait-based regional architecture and engineering firm Pace, the JV is poised to bring to life this visionary project which is set to transform the landscape of Al Khobar city.

Last December, Shomoul Holding signed an agreement with a banking consortium and the Saudi Tourism Development Fund to finance the first phase of the project. Led by Arab National Bank, the consortium includes Saudi Awwal Bank (SAB), Riyad Bank, and National Bank of Kuwait.

The latest addition to the illustrious The Avenues series, The Avenues – Khobar project is moving ahead of schedule, with 5.25 per cent work completed against the planned 4.92 per cent, according to Pace.

Around 50 per cent of the blinding works have been completed, equating to 6,083 cu m out of the planned 12,220 cu m. Additionally, 37 per cent of the raft works are done, amounting to 54,189 cu m out of the targeted 144,857 cu m. The Avenues – Khobar is expected to open to the public in the first quarter of 2027.

Located at the intersection of King Saud Road with Prince Sultan Road, The Avenues – Khobar boasts a gross leasable area (GLA) of 167,000 sq m accommodating shopping, dining, entertainment and office spaces. The project will feature over 10 cinema halls, numerous cafes and restaurants, public gardens, entertainment venues and more than 6,000 parking spaces.

The development spans a 198,000 sq m, featuring a commercial centre and two multi-use towers encompassing commercial and entertainment areas, residential apartments, hotels, exhibition halls, ballrooms and offices. The first tower will house Four Seasons while the second will feature Canopy by Hilton in addition to offices.