Groundbreaking Ceremony of The Avenues – Riyadh

Under the patronage of the Governor of Riyadh, HRH Prince Faisal bin Bandar bin Abdulaziz Shomoul Holding has held a groundbreaking ceremony for The Avenues – Riyadh, the largest in the Kingdom of Saudi Arabia and one of the largest and most prominent retail and entertainment destinations in the world.

Shomoul Holding Company will oversee the development of the project which is worth approximately $3.73bn (SAR14bn).

The chairman of the Board of Directors of Shomoul Holding Company, Mohammed bin Abdulaziz Al-Shaya, said that The Avenues - Riyadh project will have a land area of ​ 390,000m2, a rental area of ​​400,000m2, and a total built-up area of approximately 1.6M sqm2 in the Saudi Arabian capital, Riyadh.

The development will include international hotels, apartments, medical clinics, offices, and parking spaces for about 15,000 vehicles.

The project will comprise the best designs in the world, standards for environmental preservation and sustainability elements, and aims to obtain the Leadership in Energy and Environmental Design (LEED) certification from the American Green Building Council (USGBC).

In a statement to the state-run Saudi Press Agency, HRH Prince Faisal thanked the investors and the Ministry of Investment for its stimulus and efforts to facilitate and support The Avenues – Riyadh project. He affirmed the wise leadership’s support for investment programmes in the region, and thanked HRH the Saudi Crown Prince’s support for investment and quality projects that improve the Riyadh region.

The Minister of Municipal and Rural Affairs and Housing, HE Majid bin Abdullah Al-Hogail, praised the stimulus, empowerment, and facilitation of the private sector.

The Minister of Investment, HE Eng Khalid bin Abdulaziz Al-Falih, said: “These investments will contribute to improving the quality of life as they will provide diversity and options, and will push Riyadh to reach its target rate of retail and entertainment services.

He added: “The Ministry of Investment looks forward to support the expansion of investors in real estate development. We aim to add more than SAR1tn to the total growth of fixed capital formation from real estate activities and to the population.”