Kuwait based company Mabanee Co. published that Shomoul Holding Co.’s board of directors decided, during the meeting held on Aug. 12, to re-estimate the Avenues – Riyadh project in light of the current economic situation and the persistence of crisis due to COVID-19.
The entire cost of the project at SAR 12 billion.
Mabanee Co.’s board of directors expand support for Shomoul’s opinion, taking into account the temporary postponement with all parties until the completion of the project re-estimate, it said in a report to Boursa Kuwait.
Mabanee further added that it is currently difficult to complete the accurate financial effect, noting that it will declare any developments in due series.
According to data added by Argaam, Al-Khobar based Shomoul Holding is a Saudi limited liability firm, founded in 2014, as a Joint Venture (JV) between Mabanee Co., Al-Fozan Holding Group Saudi Arabia, and Alshaya Group Kuwait.
The Avenues – Riyadh is a mega-mall, which houses more than 1,300 warehouse and consists of different districts designed with several themes that bring various cities into one.
It also comprises five multi-purpose towers, consisting of hotels, exhibitions, convention halls, residence apartments, offices, and medical facilities, constructing it one of the largest commercial complexes in the Middle East.
The shopping mall is slated for ending in 2023, followed shortly by the office tower, and the Waldorf Astoria hotel and the remaining three towers.