Shomoul Holding Co. a subsidiary of Kuwait’s Mabanee Company announced in a statement that, its board of directors decided, to re-evaluate the Avenues – Riyadh project in light of the current economic circumstances and the continuity of crisis due to COVID-19.
Mabanee Co.’s board of directors extended support for Shomoul’s decision, taking into account the temporary suspension with all parties until the completion of the project re-evaluation and study.
Shomoul Holding is a Saudi limited liability firm, established in 2014, as a joint venture between Mabanee Co., Al-Fozan Holding Group Saudi Arabia, and Alshaya Group Kuwait.
Earlier, during 2019, Shomoul Holding, awarded the first design and construction phase of The Avenues – Riyadh project to NESMA & Partners Contracting Company Ltd. The value of the contract was $1.6 billion. (read more)
The Avenues – Riyadh is a mega mall, which will cover an area of 1.9 million sqm, and will feature a shopping mall with an area of 400,000 sqm.
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.
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