Shomoul Commercial Company, a subsidiary of Shomoul Holding, has announced awarding the first design and construction phase of The Avenues-Riyadh project to Nesma & Partners Contracting Company Ltd, in a $1.6 billion deal.
The deal was initiated by a letter of intent valued at $18 million signed by Waleed Alsharian, CEO at Shomoul Holding, and Abdul Aziz bin Ali Al-Turki, chairman at Nesma & Partners.
Alsharian expressed happiness over awarding the project to “one of the Kingdom’s largest contractors known for completing major construction projects in Saudi Arabia and the GCC.” He said The Avenues-Riyadh is expected to become one of the world’s largest shopping malls and a prominent landmark in Riyadh.
Al-Turki said the deal presents an opportunity that will allow the two entities to work together as a team toward implementing the project as well as other potential prominent ventures in Saudi Arabia.
The project will cover an area of 1.9 million square meters, and will feature a shopping mall with an area of 400,000 square meters, which will house more than 1,300 stores, in addition to five towers with commercial and residential facilities and four hotels.
Shomoul Holding awards Riyadh mall deal to Nesma & Partners
Shomoul Holding awards Riyadh mall deal to Nesma & Partners
