In the near future, Saudi Arabia's capital will be home to the Avenues Riyadh, an upcoming multi-purpose district. Situated in the north-western region of Riyadh, the urban area will be home to several businesses including international hotels, exhibitions, conference halls, residential apartments, offices, medical facilities, and a parking lot for over 14,000 vehicles.
According to the Saudi Press Agency, the Avenues Riyadh will consist of 390,000 square meters of land area, a rental area measuring 400,000 square meters, and over 1.7 million square meters of shopping mall area. In total, the project is said to be worth SAR 14 billion (or $3.7 billion).
Each building will implement contemporary architectural designs in addition to green spaces. In fact, the Avenues is being constructed with environmental sustainability in mind, with the project already having obtained the Energy and Environmental Design (LEED) certification by the American Green Building Council.
Shomoul Holding is the owner of the urban district. The company was established in 2014 as a joint venture with Mabanee Company of Kuwait, Al Fozan Holding, and Mohammed Hamoud Alshaya. In the fourth quarter of 2021, it awarded the Avenues Riyadh to the Saudi construction company, NESMA & Partners, with construction commencing earlier this month.
In fact, the Avenues Riyadh is just one of a handful of projects being managed by Shomoul Holding. The second project in question is the Avenues Al Khobar, which will be similar to the Riyadh project. It will consist of an area of 197,000 square meters with 180,000 square meters of rental area, and extending over an area of 209,000 square meters. The project, which is said worth SAR 67.16 million (or $18 million), was awarded to HSSG Foundation Contracting LLC in the fourth quarter of 2021, with drillings expected to be completed by this year.
