His Royal Highness Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, sponsored this evening the ceremony of laying the foundation stone for the Avenues Riyadh project, which is implemented by Shumoul Holding Company, with a value of more than 14 billion riyals on an area of ​​1.8 million square meters in the capital, Riyadh.

His Highness, the Prince of Riyadh, said: "This project will be a gain for the city of Riyadh in its various fields, and I wish them success." He thanked the investors and the Ministry of Investment for its stimulus and efforts in facilitating and supporting.

Prince Faisal bin Bandar affirmed 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 the Riyadh region.

For his part, the Chairman of the Board of Directors of Shomoul Holding Company, Mohammed bin Abdulaziz 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, and will include international hotels, apartments, medical clinics, offices and parking spaces for about 15,000 vehicles, indicating the use of the best designs in the world, standards for environmental preservation and sustainability elements, and obtaining the Leadership in Energy and Environmental Design (LEED) certification by American Green Building Council.

His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, praised the stimulus, empowerment and facilitation of the private sector; To play its role as a key partner in development, noting that the ministry launched many possible programs and services for the private sector.

For his part, the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, said in his speech: “These investments will contribute to improving the quality of life as they will provide diversity and options, and will push Riyadh to reach the target rate of retail and entertainment services.

He added: "The Ministry of Investment is looking 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 population."