Shomoul Holding awards SAR 6 bln Riyadh project construction deal

Shomoul Holding Co.’s subsidiary, Shomoul Trade Complex, has awarded a SAR 6.15 billion design and construction works contract for the first phase of The Avenues — Riyadh to Nesma & Partners.

The first phase includes a mega mall, parking spaces, gardens and internal roads.

The letter of intent (LOI) of SAR 65 million was signed by Shomoul Holding’s CEO Waleed Alsharian, and Nesma & Partners’ chairman, Abdulaziz bin Ali AlTurki.

The shopping mall is slated for completion in 2023, followed shortly by the office tower and the Waldorf Astoria hotel and the remaining three towers.

The Avenues - Riyadh is a mega mall, which houses more than 1,300 stores and consists of diverse districts designed with different themes that bring several cities into one.

It also includes five multi-purpose towers consisting of hotels, exhibition, conference halls, residential apartments, offices, and medical facilities, making it one of the largest commercial complexes in the Middle East.