Logo of Mabanee
Shomoul Commercial Co. (a subsidiary of Shomoul Holding), in which Kuwait-based Mabanee owns a 60% stake, signed a contract worth KWD 520 million (SAR 6.4 billion) with Nesma & Partners for the development of the mall in The Avenues – Riyadh.
Under the contract, Nesma will act as the main contractor of the project, which spans 390,000 square meters (sqm) with a gross leasable area (GLA) of 400,000 sqm, according to a company statement.
The project construction works will likely take 40 months, the statement added.
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.
In August 2020, Mabanee announced the re-evaluation of The Avenues - Riyadh project in light of the current economic circumstances and the continuity of crisis due to COVID-19, according to data compiled by Argaam.
Al-Khobar-based Shomoul Holding is a Saudi limited liability firm, established in 2014, as a joint venture between Mabanee Co., Al-Fozan Holding Group Saudi Arabia, and Alshaya Group Kuwait.
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.
In August, the company had announced that it is preparing the final detailed designs. The project will include a shopping complex, entertainment areas, two residential towers, offices, clinics, and a Four Seasons hotel, the company said, adding that other two towers will be developed later.
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