As Saudi Arabia solidifies its position as the fastest-growing tourism destination in the GCC, construction is rapidly advancing on The Avenues — Riyadh, a colossal SR17.2 billion ($4.58 billion) project slated to open in early 2026. Launched in the first quarter of 2022, the project has now reached 44.5% completion, marking significant progress in this major collaboration between Shomoul Holding Company and the regional architecture and engineering firm, Pace.
Strategically located in northern Riyadh at the intersection of King Salman Road and King Fahd Road, The Avenues — Riyadh spans 390,000 square meters, with a total built-up area of 1,870,000 square meters. This mixed-use development will feature an array of hospitality, lifestyle, and entertainment options, including three Hilton-branded hotels: Waldorf Astoria, Canopy by Hilton, and Conrad Hotel. Additionally, the project includes a residential tower, an office tower, and a parking facility capable of accommodating over 14,000 vehicles.
The Avenues — Riyadh is set to become one of the largest commercial malls in the Middle East, boasting a gross leasable area of approximately 370,000 square meters. The development is expected to create more than 20,000 job opportunities for Saudi nationals, contributing significantly to the local economy.
The project has seen notable advancements, with external road improvements at 9.29% and the district cooling plant nearing full completion at 90.62%. Key infrastructure elements such as the chiller plant room, utility tunnel, ETS rooms, and cooling towers have been fully completed. Currently, 13,000 workers are employed on-site, working in shifts around the clock to maintain the pace of progress. The project recently surpassed a major milestone, pouring over 1 million cubic meters of concrete.
"We are thrilled to contribute to Saudi Arabia’s dynamic urban landscape with this landmark project," said Tarek Shuaib, CEO of Pace. "The Avenues — Riyadh will be an iconic destination, blending Salmani architectural styles with cutting-edge design and sustainable features, aligning perfectly with the Kingdom’s Vision 2030."
The Avenues — Riyadh will feature nine distinct districts: Grand Avenue, Prestige (Star Atrium), The Souk, The Mall, Electra, The Oasis, The Walk, The Forum, and Grand Plaza. Grand Avenue, the central spine of the complex, draws inspiration from the successful model of The Avenues — Kuwait, providing seamless connectivity to other districts.
Among these districts, Prestige stands out as the premier luxury retail hub, housing 66 upscale retail units across two levels, marked by light marble walls, gold architectural details, and a stunning crystal dome. The Souk district will evoke the charm of traditional local markets, with narrow pathways and hidden courtyards, encouraging exploration and discovery.
The Mall, with its three levels of fashion, food, and entertainment, connects directly to one of The Avenues' hotels, serving as a central gathering point. The Grand Plaza district, inspired by grand town squares worldwide, will offer boutique dining options and a rooftop café, adding to the vibrant atmosphere of the development.
"Pace has leveraged its vast experience in architectural innovation to create a landmark that reflects Riyadh’s dynamic and forward-thinking spirit. We are proud to play a role in shaping the future of Saudi Arabia’s urban landscape," added Shuaib.
