Prince of Riyadh unveils SAR 14 bln The Avenues project

Prince Faisal bin Bandar, the governor of Riyadh

Prince Faisal bin Bandar, the governor of Riyadh, attended the groundwork ceremony for The Avenues Riyadh project, which is being implemented by Shomoul Holding Co., worth over SAR 14 billion on an area of 1.8 million square meters (sqm) in the capital.

The governor said that the project will be a gain for Riyadh in various fields, and thanked investors and the Ministry of Investment for the motivation and efforts in facilitating and supporting.

He also highlighted the support of the good leadership of the region’s investment programs and supporting qualitative projects that raise the level of Riyadh region.

Shomoul Holding Chairman, Mohammed Alshaya, said the SAR 14 billion project will be established on a land area of 390,000 sqm, with a rental area of 400,000 sqm and a total construction area of 1.8 million sqm.

The project will include international hotels, apartments, medical clinics, offices and parking spaces for about 15,000 vehicles. The project will use the best designs in the world, standards for environmental conservation and sustainability elements, in addition to obtaining the certificate for Leadership in Energy and Environmental Design (LEED) by the US Green Building Council.