Saudi Arabia’s Shomoul Commercial Company, a subsidiary of Shomoul Holding, announced awarding the first design and construction phase of The Avenues – Riyadh project to NESMA & Partners Contracting Company Ltd,.
The value of the awarding contract is SAR 6.15 billion ($1.6 billion)
The deal was initiated by a letter of intent valued at around $18 million (SAR 68 million) signed by each of Mr. Waleed Alsharian, CEO at Shomoul Holding, and Mr. Abdulaziz bin Ali Al-Turki, Chairman at NESMA & Partners Contracting Company Ltd., in attendance of a number of representatives from both companies.
Commenting on the deal, Mr. Waleed Alshuraian, CEO at Shomoul Holding expressed his pride for awarding this deal to one the Kingdom’s largest contractors known for its record in completing major construction projects in Saudi Arabia and the GCC.
He added that The Avenues – Riyadh is expected to become one of the world’s largest shopping malls and a prominent landmark in Riyadh, thanks to its unique location at the intersection of King Salman and King Fahd roads, two major roads in the Saudi capital. He also stated that the project will present a remarkable destination for those seeking new and rewarding experiences.
On his end, Mr Abdulaziz bin Ali Al-Turki, Chairman at NESMA & Partners Contracting Company Ltd. reiterated the importance of the deal which presents a significant venture for NESMA.
He expressed his confidence that this opportunity will allow the two entities to work as one team towards implementing this major project as well as other potential prominent ventures in Saudi Arabia.
Project Description:
The first construction phase of The Avenues – Riyadh entails building a full-fledged mall, with parking lots, gardens, and internal roads.
The project is anticipated to become a new retail icon in Saudi Arabia and the region thanks to its innovative shopping and entertainment offerings, services, and hospitality concepts that support Saudi Vision 2030 and set a new global standard for a delightful recreational experience.
The project will cover an area of 1.9 million sqm, and will feature a shopping mall with an area of 400,000 sqm and more than 1300 stores, in addition to five towers with commercial and residential facilities and four hotels: The Walford Astoria Hotel and Resort with 350 rooms, the Conrad Hotel and Resort with 400 rooms, the Hilton Garden Inn with 500 rooms, and the Hilton Canopy Bay with 150 rooms, which will also be the first hotel by the Canopy Bay brand in the Middle East.
The overall cost of the project stands at SAR 12 billion for which the construction works scheduled to start within next few months. High Voltage Substation (132/13.8kV) related to the Avenues Riyadh is in the process of awarding to contractors.
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