📋 Tender Overview
Project Location : Riyadh
Scope : Construction for Phase 1 of the kingdom’s the $3.5bn (SAR13bn) The Avenue – Riyadh from Shomoul Holding Company — part of Kuwait Bourse-listed real estate firm, Mabanee.
Saudi Arabia-based contracting company, Nesma & Partners has won a $1.6bn (SAR6.2bn). Scope of work for phase 1 of The Avenues – Riyadh comprises the mall, parking area, gardens, and internals roads.
A letter of intent (LoT) was signed between the two companies, as part of which $18.1 (SAR68m) was paid to Nesma & Partners as a prelude to signing the final contract to commence the construction work of the project. Set to become the largest leisure and commercial destination in the kingdom, The Avenues – Riyadh once developed will include space for 1,300 stores, in addition to five multi-purpose towers consisting of hotels, exhibition, conference halls, residential apartments, offices, and medical facilities.
Previous Events: February 2022- The Saudi British Bank (SABB) has signed a project financing agreement with Nesma & Partners Contracting Company Ltd. worth 2.6 billion riyals ($693 million), which will be provided over three and half years for the construction of a mall.
