Saudi's Shomoul inks deal with Hilton to operate hotels in Riyadh

Al-Khobar-based Shomoul Holding Co. on Tuesday signed an agreement with hospitality service provider, Hilton to develop and operate four hotels in The Avenues – Riyadh, the largest mixed-use development project in Saudi Arabia.

Hilton will operate its Waldorf Astoria, Conrad and Hilton Garden Inn brands, and introduce its Canopy by Hilton brand to the Middle East in Riyadh, both companies said in a joint statement on Tuesday.

The SAR 13 billion worth of project will comprise five multi-purpose towers, along with hotels, exhibition, conference halls, residential apartments, offices and medical facilities.

It will also include one of the world’s largest malls, with a leasable area of nearly 400,000 square meters, which has over 1,300 stores.

When completed in 2023, The Avenues – Riyadh will provide almost 40,000 job opportunities.

Shomoul Holding is a Saudi limited liability company established in 2014 as a joint venture between Kuwaiti-based Mabanee Co., Saudi Arabia’s Al-Fozan Holding Group and Mohammed Hamoud Alshaya.