Prince Faisal bin Bandar inaugurates foundation stone to Avenues of Riyadh project for SAR 14 Billion

Prince of Riyadh, Prince Faisal bin Bandar bin Abdulaziz inaugurates the foundation stone for the Avenues Riyadh project, which is being implemented by Shumoul Holding Company and has a value of more than SAR 14 billion on an area of 1.8 million square meters in the capital, Riyadh.

His Highness the Prince of Riyadh said in a statement to the Saudi Press Agency, “This initiative will be again for the city of Riyadh in its numerous domains, and I wish them success.”

He praised the investors as well as the Ministry of Investment for their encouragement and efforts to assist and support.

Prince Faisal bin Bandar underlined the wise leadership’s support for regional investment initiatives, as well as His Highness the Crown Prince’s support for investment and quality projects that increase the Riyadh region’s level.

Mohammed bin Abdulaziz Al-Shaya, Chairman of the Board of Directors of Shomoul Holding Company, stated that the Avenues Riyadh project, which is valued at more than SAR 14 billion, will have a land area of 390,000 square meters, a rental area of 400,000 square meters, and a total building area of 1,800,000 square meters.

It will include international hotels, residential apartments, medical clinics, offices, and parking spaces for approximately 15,000 vehicles, indicating the use of the best designs in the world, environmental standards, and elements of sustainability, as well as obtaining the American Building Council’s green Leadership in Energy and Environmental Design (LEED) certification.

Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment, stated in his address, “These investments will help to improve the quality of life by providing diversity and alternatives, and will drive Riyadh to attain the goal rate of retail and entertainment services.”

“The Ministry of Investment is aiming to promote the growth of investors in real estate development, as we intend to add more than one trillion riyals to the total growth of fixed capital creation from real estate activities,” he said.

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