Shomoul Holding Co. will invite prequalified contractors to submit bids for The Avenues Riyadh project in November, chief executive Aiman Almudaifer said in a statement to Argaam.
Construction work on the SAR 13 billion development is scheduled to start within the next few months, after signing the contract.
“The mega project will directly and indirectly support several economic sectors. It will enhance the retail, services, tourism, hospitality, transportation, building materials, manufacturing, logistics sectors,” Almudaifer said.
The Avenues Riyadh will create thousands of job opportunities in the local market, he added.
The development will comprise five commercial, residential, and hotel towers on a total area of 400,000 square meters.
Shomoul Holding is a Saudi limited liability company established in 2014 as a joint venture between the Kuwaiti-based Mabanee Co. and the Saudi-based Alfozan Holding Group.
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