Shomoul Holding, a subsidiary of Kuwaiti developer Mabanee, has awarded the $301m main construction contract for the second phase of The Avenues Riyadh project in Saudi Arabia. According to an official statement published on the Kuwaiti bourse, Shomoul awarded the first contract worth $175m to Kuwait's Alghanim International for constructing three towers. Al-Ahmadiah Contracting & Trading won the second contract worth $126m  for the construction of two towers. The statement added that the second phase of The Avenues Riyadh project is expected to be completed between 24 and 33 months. The construction works on the project's first phase, scheduled to open in 2026, are ongoing. The mixed-use development covers an area of about 390,000 square metres (sq m) with a total built-up area of 1,870,000sq m. In November 2021, the client signed a contract with Nesma & Partners to deliver the  $1.7bn first phase of the project. Upon completion, The Avenues Riyadh is expected to include 1,300 retail units and five towers for hotels, apartments, offices and events. US hotel operator Hilton signed a contract with Shomoul in March 2019 to develop and operate four hotels at The Avenues Riyadh. Shomoul Holding is a joint venture of Kuwait’s Mabanee and Saudi-based Al-Fozan Holding Company. GlobalData expects the kingdom's construction industry to record an annual average growth rate of 5.2% from 2025 to 2028, supported by investments in the transport, electricity, housing, and tourism infrastructure projects and the $850bn-plus giga projects program. The commercial construction sector is estimated to grow by 3.9% in real terms in 2024 and register an annual average growth of 3.6% over the remainder of the forecast period from 2025 to 2028, supported by the government’s plan to boost tourism, coupled with the construction of hotels, stadiums and data centres. (ICE RIYADH)

Fonte notizia: Meed