Shomoul Holding Company lays foundation stone for The Avenues – Riyadh
The project includes multiple districts such as Prestige, Grand Avenue, The Souk, The Mall, Electra, Oasis, Grand Plaza, The forum and The Walk
The Shomoul Holding Company has laid the foundation stone for the $3.73bn The Avenues – Riyadh. The project will occupy a land area of 390,000sqm and will be the ideal destination for shopping, entertainment and residing in Saudi Arabia, said the firm, which is a unit of Kuwait’s Mabanee Company.
According to a statement from Mabanee, the retail destination will enjoy a strategic location 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 tens of thousands of job opportunities.
A Saudi limited liability company established in 2014, Shomoul is a joint venture between Mabanee Company of Kuwait, Al Fozan Holding, and Mohammed Hamoud Alshaya.
The project will offer a leasable area of 400,000sqm and a total built up area of 1,800,000sqm. It 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.
The project includes multiple districts such as Prestige, Grand Avenue, The Souk, The Mall, Electra, Oasis, Grand Plaza, The forum and The Walk. The developer also said 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 will be one of the largest and most prominent tourism and entertainment destinations in the world, the statement concluded.
