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Riyadh Mall receives a USD 1.76 billion main contract from SHC

Last Updated on 08th January 2024

Nesma & Partners has been granted a key contract for USD 1.76 billion by Shomoul Holding Company (SHC) for the development of The Avenues – Riyadh Mall. The project, which spans 390,000 square meters, is anticipated to be Saudi Arabia's premier shopping and leisure destination.

 

The project is taking shape on King Salman Road and the King Fahad Causeway, according to a statement from SHC's parent company, Mabanee, and will contribute to the Kingdom's service and retail industries while also producing thousands of employment.

 

Shomoul Commercial Business, a Saudi company owned 60 percent by Mabanee, is facilitating the transaction.

 

In the presence of a number of board members and the CEOs of both firms, Mohammad Alshaya, chairman of the Board of Shumoul Holding Company and Mabanee, and Abdulaziz Al-Turki, chairman of the Board of Nesma & Co, signed the agreement at SHC's headquarters in Khobar.

 

The project is expected to be one of the largest commercial malls in the Middle East, with a gross leasable area of 400,000 sqm and a built-up area of more than 1.4 million sqm. Five multi-purpose towers will be part of the project, with hotels, residential apartments, workplaces, and parking for 18,000 automobiles.

 

According to Mabanee's statement, this will make it the top destination in Saudi Arabia for shopping, entertainment, and even habitation.

 

A 350-room Waldorf Astoria, a 400-room Conrad, a 450-room Hilton Garden Inn, and a 150-room Canopy by Hilton, the first of Hilton's lifestyle Canopy by Hilton brand in the Middle East, will be among the hotels operated by Hilton.

 

The Avenues - Riyadh Mall will be one of the world's largest and most prominent tourism and entertainment destinations once completed, according to the announcement.

 

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