One of the most iconic mixed-use projects in the Middle East currently under construction is The Avenues Riyadh, at the moment, the construction work is 44%. The Avenues is expected to become a new iconic address in the KSA’s capital combining commercial, entertainment, hotel and residential purposes.
The Avenues Riyadh is a concept family by the Alshaya Group which has the famous “The Avenues” malls in Kuwait and Bahrain. This new landmark project in Riyadh has been conceived with the goal to replicate and improve upon previous successful regional projects, providing the people of Saudi Arabia with a global city shopping and lifestyle destination. 4 million square meters, comparing to similar projects in other cities, The Avenues Riyadh will be one of the most visited retail centers in the world with many interesting sights and entertainments that will satisfy the needs and desires of Saudi population and guests from other countries.
The Avenues Riyadh Project Summary
The Avenues Riyadh is under construction by Pace and is being developed by Shomoul Holding Company, project construction commenced in the early 2022 and should be finished by the first quarter of 2026. The project is situated in the northern region of Riyadh at the cross-sectional area of king Salman and king Fahad roads; with an overall land area of 390000sqm and has an overall built-up area of 1870000sqm. Hence it is forecasted to cost SAR 17. Two billion US dollars ($4. 586 billion) will be spent on it which will include a large commercial mall, three hotel buildings, a residential building, and offices. It will also encompass over 14,000 car parking area and the development plan will seek to generate more than Twenty Thousand Technicians and Operators employment opportunity for Saudis.
The Avenues will also incorporate modern entertainment amenities such as movie theaters, fun-fair centers, and outdoor parks. The Mall will primarily cater for shopping needs with mid-price and high-end products while The Souk is expected to present a shopping center in the form of an Arabian bazaar. Besides several retail spaces and entertainment amenities, the plan of The Avenues-Riyadh called for several hotels and residential buildings. These lodging will therefore range from the high-end five star plus hotels to the more standard hotels hence making it possible to accommodate all different market segments that may be of importance to the development.
Economic and Social Impact
The Avenues-Riyadh is not only a mall but a future outlook into the city of Riyadh as a global metropolis business venture. A characteristic of the project is that the generation of up to thousands of employment opportunities during its construction and functioning phases will be economically advantageous for the region. In addition, it complements the goals of Saudi Arabia’s Vision 2030, that seek to diversify the economy and encourage tourism through the provision of facilities that will attract tourists from across the globe.
The establishment of The Avenues Riyadh will be another success story of the city that will propel it to emerge as the major retail and entertainment hub in the region.
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