Shomoul Holding says The Avenues - Riyadh worth more than SAR 16 bln

Logo of Shomoul Holding Co.

Shomoul Holding Co.’s mega project The Avenues-Riyadh is worth more than SAR 16 billion, the developer told Argaam in a statement. 

Located in the north of Riyadh, The Avenues-Riyadh overlooks the intersection of King Salman Road and King Fahd Road, and spans a large leasable area of 390,000 square meters.

The project includes nine shopping areas and more than 19 cinema theatres, in addition to five mixed-purpose towers.

Tower 1 is for offices, while Tower 3 is residential apartments. Towers 2, 4 and 5 are Hilton-brand hotels including Waldorf Astoria, Canopy and Conrad.

Medical clinics and parking spaces for more than 15,000 vehicles, make it the ideal destination for shopping, entertainment, and residence, Shomoul said. 

The Avenues-Riyadh will reflect the Salmani architecture, which embodies authenticity and modernity, with an inspired design that simulates the past with fresd development templates to reflect its presence in the heart of Najd, Riyadh. 

The project will also feature modern designs, along with sustainable and green elements in line with the Kingdom's vision. 

Shomoul is participating in Cityscape Global, which is being held in Riyadh from Sept. 10 to 13, with an integrated pavilion showcasing the latest mega projects being built in the Kingdom. 

The company expressed its pride in being a part of the global event, saying that Cityscape Global celebrates the real estate sector, as it seeks to introduce the world to its achievements in the field of development projects and strategic vision through its unique and innovative real estate projects with international characteristics and specifications. 

Commenting on the projects it showcased during the exhibition, Shomoul said: "We share with the key players in the retail sector our latest projects in the real estate, entertainment, and tourism development sectors in the Kingdom, where our portfolio currently includes The Avenues-Riyadh and The Avenues-Khobar, which are under construction." 

Meanwhile, the real estate developer pointed to The Avenues-Khobar project, located northwest of the intersection of King Saud Road with Prince Sultan Road and extending over a large leasable area of 170,000 square meters. 

The project will include eight shopping areas, entertainment spaces, and 10 cinemas, in addition to two towers. The first tower will include the Four Seasons Hotel, while the second will include the Canopy Hotel, in addition to offices, conference rooms, and parking spaces that can accommodate more than 6,000 vehicles. 

The Avenues-Khobar project is characterized by modern designs and elements that reflect the nature of the Eastern Province, with the best standards to preserve the environment and energy. It also includes elements of sustainability to simulate the Kingdom's vision. 

Shomoul was established in 2014 through a Saudi-Kuwaiti partnership between three companies, namely Mabanee, Al Fozan Holding Co., and Alshaya Group. This partnership is based on the extensive experience of partners in the Arabian Gulf and the Middle East regions.