Real estate firm Shomoul has secured a $1.16 billion deal with a consortium of banks to develop a mixed-purpose project in AlKhobar.
The company, a subsidary of Kuwait-based real estate company Mabanee, will fund the “The Avenues Khobar” with an Islamic financial facility agreement with a term of 12 years.
Covering an expanse of 197,673 sq. meters, the initiative will feature commercial facilities, dedicated entertainment spaces, and hotels, as well as residential apartments, offices, medical clinics, and exhibition halls.
The development is set to feature modern designs reflecting the nature of the Eastern Province, adhering to the highest environmental and energy conservation standards. Further sustainability elements will be incorporated to align with the vision of the Kingdom.
“The Avenues Khobar” is scheduled to open its doors to the public by 2025.
This financing agreement marks a significant milestone for Mabanee and its subsidiary, reinforcing their commitment to the successful realization of this project and further contributing to the growth and development of the real estate sector in Saudi Arabia.
Mabanee’s subsidiary Shomoul has also developed “The Avenues Riyadh,” situated in the northern part of Riyadh, spanning an expansive land area of 387,654 sq. meters.
The multifaceted destination encompasses upscale and lifestyle hotels, residential apartments, and office spaces, accompanied by a parking facility capable of accommodating more than 15,000 vehicles.
In a recent initiative to enhance tourism and hospitality in Alkhobar, a partnership has been established between the Tourism Development Fund and Riyadh-based RC Beach Real Estate Fund to oversee the development of Ritz-Carlton Khobar, the first beach resort in the city.
The fund’s strategy stands as one of the primary drivers of the Kingdom’s tourism sector.