Shomoul Holding says The Avenues - Riyadh worth more than SAR 16 bln

Shomoul Holding Co. revealed that The Avenues - Riyadh project, one of its mega real estate projects being developed in the Saudi capital, is worth more than SAR 16 billion.

The Avenues – Riyadh project is strategically located in the north of Riyadh, overlooking the intersection of King Salman Road and King Fahd Road, and spans a large leasable area of 390,000 square meters, Shomoul said in a statement to Argaam.

The project includes nine shopping areas and more than 19 cinemas, in addition to five towers. The first tower will include offices; the second will house the Waldorf Astoria Hotel, one of Hilton's hotel brands; the third will include apartments; and the fourth and fifth towers will house Hilton's Canopy and Conrad hotels.

This is in addition to medical clinics and parking spaces that can accommodate more than 15,000 vehicles, making it the ideal destination for shopping, entertainment, and accommodation in the Kingdom.

Shomoul Holding stated that The Avenues - Riyadh will reflect the Salmani architecture, which is characterized by an architectural style that embodies originality and modernity, with an inspired design that simulates the past with renewed development templates to reflect its presence in the heart of Najd in Riyadh.

The project will also feature modern designs within the complex, sustainable, and green elements that simulate the Kingdom's vision.

Shomoul takes part in Cityscape Global, which is being held in Riyadh from Sept. 10 to 13, with an integrated pavilion showcasing the latest mega projects being built in the Kingdom.

Expressing its pride to participate in this global event, the company said that it’s delighted to participate in Cityscape Global, which celebrates the real estate sector, as it seeks to introduce the world to its achievements in the field of development projects and strategic vision through its unique and innovative real estate projects with international characteristics and specifications.

Commenting on the projects through which Shomoul is participating in the exhibition, it said: "We share with the key players in the retail sector our latest projects in the real estate, entertainment and tourism development sectors in the Kingdom, where our portfolio currently includes the Avenues-Riyadh and the Avenues-Khobar, which are under construction."

Meanwhile, the real estate developer pointed to the Avenues - Al Khobar project, located in the northwest corner of the intersection of King Saud Road with Prince Sultan Road, and extends over a large leasable area of 170,000 square meters. The project will include eight shopping areas, private spaces for entertainment and 10 cinemas, in addition to two towers, where the first tower will contain the Four Seasons Hotel, and the second Canopy Hotel, in addition to offices, conference rooms, and parking spaces that can accommodate more than 6,000 vehicles.

The Avenues - Al Khobar project is characterized by modern designs and elements that reflect the nature of the Eastern Province with the best standards to preserve the environment and energy, and includes elements of sustainability to simulate the Kingdom's vision.

Shomoul Holding was established in 2014 through a Saudi-Kuwaiti partnership between three companies, namely Mabanee, Al Fozan Group and Alshaya Group, where this partnership is based on the extensive experience of partners in the Arabian Gulf and the Middle East regions.

Source : Argaam