Shomoul Holding has announced signing a Memorandum of Understanding (MoU) between its subsidiary Shomoul Trade Complex and the Ministry of Finance Projects Support Fund, a government initiative to stimulate the private sector, to fund part of The Avenues - Riyadh project, with an amount of SR 500 million. This comes in line with public private partnership to achieve Vision 2030 objectives.
Shumool Holding have previously signed an initial agreement with 9 GCC banks to fund the project with a value of 5.1 billion.
The project which is set to open in 2023 is expected to become one of the largest multi-use commercial projects in the Kingdom and will feature one of the world’s largest shopping malls. This agreement follows a separate agreement Shomoul signed with 9 Saudi and Kuwaiti banks, to complement the funding process of the project.
The MoU was signed by Mr. Mohamed Abdulaziz AlShaya, Chairman of Shomoul Holding, and Mr. Fahad Al-Saif, Head of the Debt Management Office (DMO) and Advisor to the Minister of Finance, in the presence of H.E. Minister of Finance, Mr. Mohammed Al-Jadaan, Saudi Arabia,H.E Shaikh Salman bin Khalifa Al Khalifa Bahrain’s Finance and National Economy Ministerand and H.E. Dr. Nayef Al-Hajraf, Minister of Finance, Kuwait.
The signing ceremony was done during the Financial Sector Conference held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz at the King Abdulaziz International Conference Center.
In this regard, Mr. Mohamed Abdulaziz Al Shaya expressed his confidence in investment opportunities made available within the real-estate and development sectors in Saudi Arabia, and in particular major projects such as The Avenues - Riyadh, which is set to largely contribute towards achieving the targets of Vision 2030 through adding thousands of new jobs to the market and supporting the growth of service, retail, and tourism sectors.
The Avenues - Riyadh will be prominently located in the Saudi Capital at the crossing between King Salman and King Fahd roads, and will boast a total area space of 400 thousand square meters, making it one of the largest shopping complexes in the world. It will include 5 towers which will encompass 4 five-star hotels, residential apartments, offices, and international retail chains.