Construction at the Avenues Riyadh is nearly 50% complete

CONSTRUCTION-

Construction at The Avenues continues at full swing: The Avenues Riyadh — a SAR 17.2 bn (USD 4.6 bn) megaproject in the capital city — is 44.5% complete, with doors scheduled to open in 1Q 2026, Trade Arabia reports. The mixed-use project will span an area of 390k sqm with a total built-up area of 1.9 mn sqm and will feature residential towers, hotels, entertainment, retail venues, and offices. The development is a JV between Shomoul Holding and regional architecture and engineering firm Pace. Construction kicked off in 1Q 2022.

The project’s nine districts are set to include three hotel towers, namely the Waldorf Astoria, Canopy by Hilton, and Conrad Hotel. The Avenues will also feature one of the region’s largest shopping malls at some 370k sqm in gross leasable area, in addition to an office tower and a 14k-slot parking space.

LOGISTICS-

Real estate developer Rikaz has launched the second phase of Riyadh’s SAR 1.1 bn The Node logistics park, Zawya reports, citing a statement it has seen. Bahrain-based asset manager Arcapita and Rikaz partnered up back in February to develop the 3 mn sqm logistics park in Riyadh.

The details: The warehouses are available for purchase and rental on the Suhail digital platform. Phase 2 of the project is slated to cover 116k sqm and is forecasted to generate around SAR 107 mn in sales. The project is financed by Alinma Bank, and Alinma Investment Company.

RENEWABLES-

Fas Energy, a subsidiary of Fawaz Alhokair Group, signed an MoU with Kyrgyzstan to assist in installing solar panels on the rooftops of government buildings, according to a statement from Kyrgyzstan’s Energy Ministry. No further information was disclosed.

AVIATION-

Air Astana will introduce direct flights from Shymkent to Jeddah twice a week from 1-28 October, before transitioning to weekly flights to Madinah, according to Aviation World. Separately, a new twice-weekly route from Almaty to Medina will start on 29 October, complementing the existing Almaty to Jeddah service. Round-trip economy tickets start at USD 656 for Shymkent to Jeddah, USD 646 for Shymkent to Medina, and USD 705 for Almaty to Medina.