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The Avenues – Khobar to be built by Kuwait developer

The Avenues – Khobar will feature two shopping malls and hotels Creative Commons/Joerg Mitter
The Avenues – Khobar will feature two shopping malls and hotels

Kuwaiti developer Shomoul Holding this week launched a retail and residential project in the eastern Saudi city of Khobar worth SAR7.2 billion ($1.92 billion), securing a SAR4.35 billion loan for the first stage of construction. 

The government’s Tourism Development Fund, set up in 2020, provided the loan along with a consortium led by National Arab Bank, comprising Saudi Awwal Bank, Bank Riyadh and National Bank of Kuwait, the Saudi Press Agency reported. 

So far, the giga-projects at the heart of government development plans are all located in Riyadh and the west of the kingdom, including the futuristic city Neom, Diriyah historical district in Riyadh and Jeddah Central. 

The Avenues – Khobar, the complex in central Khobar on the Gulf coast, includes shopping malls and two towers with hotels, residences and office spaces, the press agency said. 

The project is expected to provide more than 10,000 jobs in the retail, entertainment and service sectors in the Eastern Province. 

Prince Saud Bin Nayef Bin Abdulaziz, governor of the Eastern Province, presided over a cornerstone and loan signing ceremony in Khobar on December 20.

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