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Construction of Phase 1 of the 7.3 billion Saudi riyals ($1.947 billion) The Avenues – Khobar mall in Saudi Arabia’s Eastern Province has achieved 5.25 percent completion rate, according to the project’s lead consultant Pace.
The main contract was awarded to a joint venture of Saudi’s AlKifah Contracting Company and Kuwait’s Al Ahmadiah Contracting by Shomoul Holding, a subsidiary of Mabanee in August 2023.
Construction milestones achieved, the statement noted, include completion of 50 percent of the blinding works, equating to 6,083 cubic metres (m3) out of the planned 12,220 m3. Additionally, 37 percent of the raft works are done, amounting to 54,189 m³ out of the targeted 144,857 m³.
The statement said the overall project is ahead of schedule, with 5.25 percent completed against the planned 4.92 percent.
The Avenues – Khobar, which comprises a mall and two multi-use towers spans total of area of 198,000 sqm with a gross leasable area (GLA) of 167,000 sqm. The first tower will house a Four Seasons hotel while the second will feature Canopy by Hilton in addition to offices.
Phase 1 is being financed by the Saudi Tourism Development Fund and a banking consortium led by Arab Bank and including Saudi Awwal Bank (SAB), Riyad Bank, and National Bank of Kuwait. The financing agreement was signed in December 2023.
Pace CEO Tarek Shuaib said the first phase is set to open its doors to the public in the first quarter of 2027.
“The Avenues' success far exceeds the confines of a typical shopping experience, turning into a holistic philosophy that is currently being emulated across the region,” he said, adding that entire project is set to create over 10,000 job opportunities in the retail and entertainment sectors in alignment with the Saudi Vision 2030.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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