Shomoul And Alshaya Group Sign $150M Deal For The Avenues Riyadh

Dubai (PlantAndEquipment.com) - Shomoul Holding, part of Mabanee Company, has finalized an agreement with Alshaya Group for a $150 million investment at The Avenues Riyadh. The deal will see Alshaya operate about 100 stores across 50,000 square meters of leasable space, with the initiative expected to generate 2,500 jobs for Saudi nationals.

Planned to open in early 2027, The Avenues Riyadh will cover 390,000 square meters of land, with 370,000 square meters dedicated to retail and leisure facilities, making it one of the largest complexes of its kind in the region.

Alshaya’s lineup will feature well-known global brands including Starbucks, H&M, American Eagle, Victoria’s Secret, Bath & Body Works, Shake Shack, and Chipotle, along with new entrants such as Ulta Beauty. The site will also introduce the region’s first DreamPlay interactive entertainment centre, alongside other family attractions like Masha and the Bear, Zafari, Cube Karting, and Sports Ultimate.

The development is positioned to become a landmark destination for shopping, dining, and entertainment in Saudi Arabia and the wider Middle East.