On November 20, 2021, SHC has awarded a major contract worth US$1.76 billion to Nesma Partners for the development of The Avenues-Riyadh Mall. The project covers an area of 390,000 square meters and is expected to become an ideal destination for shopping and entertainment in Saudi Arabia. According to a statement from SHC, the project is taking shape on King Salman Road and King Fahd Causeway, which will help strengthen Saudi Arabia’s service and retail industries and create thousands of jobs.

The transaction was facilitated through the Shomoul Commercial Company, a Saudi company that is 60% owned by Mabanee. Mohammad Alshaya, Chairman of the Board of Shumoul Holdings and Mabanee, and Abdulaziz Al-Turki, Chairman of the Board of Nesma&Co, signed the agreement at SHC’s headquarters in Khobar.

The project has a total leasable area of 400,000 square meters and a construction area of over 1.4 million square meters. It is expected to become one of the largest commercial shopping centers in the Middle East. Part of the project will include five multi-functional towers, including hotels, residential apartments, offices and parking lots that can accommodate 18,000 vehicles. Mabanee’s statement stated that this will make it the best destination for shopping, entertainment and even residence in Saudi Arabia. Keywords: engineering construction, engineering news

The development will include four hotels operated by Hilton, including the 350-room Waldorf Astoria, the 400-room Conrad Hotel, the 450-room Hilton Garden Inn, and the 150-room Hilton Canopyby Hilton, this is the first Canopyby Hilton Middle East brand of Hilton Lifestyle.Editor/XingWentao