His Royal Highness Prince Faisal bin Bandar bin Abdul Aziz, Governor of Riyadh, patronized the foundation stone-laying ceremony for the “Avenues Riyadh” project, which is implemented by Shomoul Holding, with a value of more than 14 billion riyals on an area of one million and 800 thousand square meters in the capital of Riyadh.

The Prince of Riyadh said in a statement to the Saudi Press Agency: "This project will be a gain for the city of Riyadh in its various fields, and I wish them much continued success." His Highness praised the efforts of the investors and the Ministry of Investment and their stimulus in facilitation and support.

Prince Faisal asserted the wise leadership’s support for investment programs in the region, and His Highness the Crown Prince’s affirmation of support for investment and quality projects that raise the level of Riyadh region.

For his part, the Chairman of Shomoul Holding, Mohammed Abdul Aziz Al-Shaya, said that the Avenues Riyadh project, whose value exceeds 14 billion Saudi riyals, will have a land area of 390,000 square meters, a rental area of 400,000 square meters, and a total building area of 1,800,000 square meters.

The project will include international hotels, residential apartments, medical clinics, offices and parking lots for about 15,000 vehicles, indicating the use of the best designs in the world, standards for environmental preservation and sustainability elements, and attaining the Leadership in Energy and Environmental Design (LEED) certification by US Green Building Council.

His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, praised the impetus, empowerment and assistance of the private sector, to play its role as a key partner in development, noting that the Ministry has launched many programs and services for the private sector.

Furthermore, the Minister of Investment, Eng. Khalid bin Abdul Aziz Al-Falih, said in his speech: “These investments will contribute to improving the quality of life as they will provide diversity and multiple options, and will push Riyadh towards achieving the target rate of retail and entertainment services.

“The Ministry of Investment is aspiring to support the expansion of investors in real estate development, as we aim to add more than one trillion riyals to the total growth of fixed capital formation from real estate activities and to the people.”, Eng. Khalid added.

Source: https://sabq.org/saudia/5pywdy