Saudi developer secures funding for $3.5 bln mega Riyadh project
by Parag Deulgaonkar
Saudi Arabia’s Shomoul Holding Co. has secured bank funding of SAR 5.6 billion ($1.49 billion) for its SAR 13 billion ‘The Avenues – Riyadh’ project, CEO Waleed Khalid Alsharian told Argaam in an exclusive interview.
The funding has been obtained from nine GCC banks, he said, adding other options such as sukuk and bonds are being explored.
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 March, the company signed an agreement with Hilton to develop and operate four hotels in the mega project.