At a cost of 7 billion riyals, Shumool plans to build “The Avenues” as the largest shopping complex in the Middle East, following recent approval by the Riyadh City Development Authority. The complex is located on King Salman Road and King Fahd Road, spans an area of 390,000 square meters, and includes 400,000 square meters of leasable space and a total built-up area exceeding 1.7 million square meters.
In addition to the shopping complex, the project includes towers housing five- and four-star hotels, residential apartments, a medical center, offices, and parking facilities with a capacity of approximately 16,000 vehicles, making it a preferred destination forshopping, entertainment, and accommodation in the Kingdom.
On this occasion, Mohammed bin Abdulaziz Al-Shaya, Chairman of the Board of Directors of Shumool, the project’s owner, emphasized that The Avenues Riyadh is a vital project that provides added value and contributes to the development of the national economy by creating more than 30,000 job opportunities in the , in addition to its role in enhancing the appeal of the Kingdom’s capital, Riyadh, as a tourist destination, as well as contributing to the growth of the services and retail sectors.
The company aims to manage industrial, commercial, and service projects, as well as hotels, restaurants, central markets, residential and commercial complexes, and tourist resorts; to purchase land and construct buildings on it; and to invest in these properties through sale or lease for the company’s benefit, as well as the development, management, operation, and maintenance of real estate, and the organization and management of permanent and temporary exhibitions. Construction is expected to be completed in 2019.
