Shomoul signs deal with Alshaya Group to invest $150M in The Avenues-Riyadh

Shomoul Holding, a subsidiary of Kuwait's Mabanee Co., signed an agreement with Alshaya Group for the latter to invest $150 million in The Avenues-Riyadh.

The project includes opening 100 stores across a total leasable area of over 50,000 square meters (sqm).

In a statement, Shomoul said The Avenues-Riyadh will span a land area of 390,000 sqm, with a gross leasable area of 370,000 sqm. This landmark project is scheduled to open in the first quarter of 2027.

Alshaya's portfolio at The Avenues-Riyadh will include a diverse range of brands, including Starbucks, American Eagle, Footlocker, Victoria’s Secret, H&M, Bath & Body Works, Charlotte Tilbury, Raising Cane’s, Shake Shack, and Chipotle—as well as recently announced new partner Ulta Beauty.

In February 2022, Prince Faisal bin Bandar, the governor of Riyadh, attended the groundwork ceremony for The Avenues-Riyadh project, which is being implemented by Shomoul and is worth over SAR 14 billion on an area of 1.8 million sqm, according to data available with Argaam.

Mabanee Chief Operating Officer Waleed Al Fahad said construction of The Avenues-Riyadh project is 65% complete, with the opening of its commercial mall scheduled for late 2026. Other parts of the project, including three hotels, a residential tower, and a service tower, will be launched a year later.