The Avenues Riyadh mall opening moves to the first quarter of 2027

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The Avenues Riyadh is a mixed use retail, hotel and residential development located in northern Riyadh, and its opening has slipped from the first quarter of 2026 to the first quarter of 2027 on Mabanee’s own project page. Developer Mabanee also upsized project debt by SAR 5.83 billion in November 2025, lifting total facilities to SAR 11.44 billion.

The Avenues Riyadh lands its anchor operator as leasing passes 70 percent

Commercial commitments have firmed up since the phase two tower contracts were signed. Shomoul Holding agreed a $150 million deal with Alshaya Group covering about 100 stores, and leasing passed 70 percent of the 400,000 square metre leasable area. At SAR 17.2 billion the scheme dwarfs newer Saudi schemes such as Multaqa Al Madinah 2.

Project Overview

• Project Name: The Avenues Riyadh
• Location: Intersection of King Salman Road and King Fahad Road, northern Riyadh, Saudi Arabia
• Project Value: SAR 17.2 billion (about $4.59 billion), per media reports cited by Zawya Projects in November 2025, against the SAR 14 billion quoted at groundbreaking
• Client and Owner: Shomoul Holding Company, a joint venture of Mabanee, Al Fozan Group and Alshaya Group
• Main Contractor: Nesma & Partners, awarded design and construction of the phase one mall at about SAR 6.15 billion
• Key Components: Mall of about 370,000 square metres gross leasable area across nine districts, five towers holding offices, residential apartments and the Waldorf Astoria, Conrad and Canopy by Hilton hotels, 19 cinema halls and parking for 15,000 vehicles, on a 390,000 square metre site with roughly 1.8 million square metres built up
• Financing: Total debt facilities of SAR 11.44 billion (about $3.04 billion) with a door to door tenor of 14.25 years, following the November 2025 upsizing
• Construction Start: Foundation stone laid in February 2022
• Expected Completion: Mall scheduled to open by the first quarter of 2027 according to Mabanee, with the three hotels, residential tower and service tower following about a year afterwards
• Strategic Impact: Billed as one of the largest commercial malls in the Middle East, with more than 20,000 jobs for Saudi nationals projected and 13,000 workers on site at peak construction

Project Team

• Owner and Developer: Shomoul Holding Company
• Parent Developer: Mabanee Company
• Joint Venture Partners: Al Fozan Group and Alshaya Group
• Main Contractor, Phase One Mall: Nesma & Partners
• Contractor, Three Towers: Alghanim International Al Saudia
• Contractor, Two Towers: Al Ahmadiah Contracting and Trading Company
• Architect and Engineer: Pace
• Project Management Consultant, Phase Two: AECOM
• Precast Supplier: Prainsa Saudi Arabia, a unit of Eastern Province Cement Company
• Hotel Operator: Hilton
• Anchor Retail Operator: Alshaya Group
• Government Bodies: Royal Commission for Riyadh City and the Roads General Authority, on the surrounding road network

Reported 23rd February 2025: The construction of The Avenues-Riyadh mall has officially commenced the second phase of implementation. This phase of implementation saw the signing of two contracts for construction work on the project. The contract was awarded to Saudi-based subsidiary Mabanee Company headquartered in Kuwait. The first contract was signed with Alghanim International Al Saudia for constructing the three towers.  The second contract was signed with Al Ahmadiah Contracting and Trading Company to construct two towers valued at SAR 475 million.

The completion of the Avenues-Riyadh is expected to be completed between 24 and 33 months once commencement begins. Riyadh’s The Avenue is also expected to be opened in the first quarter of 2026. Moreover, the $4 billion mixed purpose development is expected to cover an area of 390,000 square meters. The building is also expected to have a total built-up area of 1,870,000 square meters.

Also read:

The Avenues Riyadh Project, The Middle East’s most iconic mixed Use development

Project Summary:

Location: Riyadh

Area: 390,000sqm

Significance: Middle East’s Largest Commercial Mall

Project duration: 1 year

Cost of Project: US$4 Billion

All to Know About Middle East’s Largest Commercial Mall, The Avenues-Riyadh

The Avenues-Riyadh is located at the heart of Saudi Arabia in North of Riyadh City. Its location is a prime position overlooking the intersection of King Salman Road and King Fahad Road. The monumental project is also expected to extend and cover a land area of 390,000 square meters. Once completed, the Avenues will become Middle East’s largest commercial mall with a gross land area of 370,000 square meters. Furthermore, it will include luxury and lifestyle hotels, residential apartments, and offices. It also aims to include a parking that can accommodate more than 14,000 vehicles at a time. The architectural style of Middle East’s largest commercial mall will also  incorporate the Salman Architecture. This will reflect its existence at the heart of Najd. Moreover, it will feature modern designs inside the mall with sustainable and green elements to align with the Kingdom’s vision.

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$25 Billion Riyadh Metro inaugurated