The list of new or revitalized real estate developments in Riyadh grew this week with the announcement of a new multi-purpose district called “The Avenues Riyadh,” located in the city’s north west area.
The Avenues Riyadh will be a mixed-purpose development with hotels, apartments, event space and more. According to the Saudi Press Agency, the Avenues Riyadh will consist of 390,000 square meters of land area (about 100 acres), a rental area measuring 400,000 square meters, and over 1.7 million square meters of retail.
Riyadh is a rapidly transforming city under King Salman and Crown Prince Mohammed bin Salman’s Vision 2030.
In total, the project is said to be worth SAR 14 billion (or $3.7 billion). 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 website About Her, 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.”
The builder and developer is Shomoul Holding, which is owned as a joint venture with Al Fozan Holding Co., Kuwait-based Mabanee Company, and Mohammed Hamoud Alshaya.
Riyadh Season’s Winter Wonderland.
The Avenues Riyadh joins other developments that are transforming the Saudi capital, including The Mall of Riyadh, Qiddiyah, the $20bn Diriyah Gate Project, $17bn King Salman Park community with 12,000 and other districts, all connected together with the soon to be on-line Riyadh Metro that will change how people get around in Riyadh.
In late December, Saudi Arabia said it will finalize a major development strategy for Riyadh in 2022 to “transform the capital into a major global city economy by 2030.” The board of the Royal Commission for Riyadh City (RCRC) announced the postponement of the launch of the 2030 strategy for the kingdom’s capital “due to its huge size and a few incomplete key elements,” Saudi Press Agency reported.
