SHC awards $1.76bn main contract for The Avenues – Riyadh Mall
The project includes multiple districts such as Prestige, Grand Avenue, The Souk, The Mall, Electra, Oasis, Grand Plaza, The forum and The Walk
Shomoul Holding Company (SHC) has awarded a main contract worth $1.76bn to Nesma & Partners for the development of The Avenues – Riyadh Mall. The project is spread over an area of 390,000sqm and is expected to be the ideal destination for shopping and entertainment in Saudi Arabia.
According to a statement from SHC’s parent company, Mabanee, the project is taking shape on King Salman Road and the King Fahad Causeway, and will contribute to strengthening the service and retail sectors in the Kingdom, as well as creating thousands of jobs.
The deal is being facilitated through Shomoul Commercial Company, a Saudi company that is 60% 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 SHC’s headquarters in Khobar, in the presence of a number of board members and the CEOs of both companies.
The project will have a gross leasable area of 400,000sqm and a built-up area of more than 1.4m sqm and is expected to 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. This will make it the best destination for shopping, entertainment and even residence in Saudi Arabia, said the statement from Mabanee.
The development 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 will be one of the largest and most prominent tourism and entertainment destinations in the world, the statement concluded.
