Shomoul Holding Company, a unit of Kuwaiti developer Mabanee, has awarded a design-and-build contract worth SR6.15 billion ($1.6 billion) for Phase One of The Avenues Riyadh project to Nesma and Partners Contracting Company.

The transaction for Phase One of the project – which includes the construction of the entire mall, parking, gardens, and internal roads – was facilitated through Shomoul Commercial Mall.

On completion, the commercial complex is poised to become the largest leisure and commercial destination in Saudi Arabia, stated Mabanee in its filing to the Kuwaiti bourse.

Meanwhile, a letter of intent worth of SR68 million was signed with Nesma and Partners Contracting Company, as a prelude to the signing of the final contract to start the construction works of the project, it added.