Shomoul Holding, a subsidiary of Mabanee Company, has announced the signing of an agreement with Alshaya Group, a leading international retail franchise operator of around 70 world-class brands. 

Under the agreement, which represents an investment of $150 million by Alshaya Group, the company’s world-famous brands will open across a total leasable area of more than 50,000 square meters in 100 stores at The Avenues — Riyadh, creating jobs for 2,500 Saudi nationals.

Set to become one of the largest and most prominent shopping and leisure destinations in the Middle East and Africa region, The Avenues — Riyadh will span a land area of 390,000 square meters, with a gross leasable area of 370,000 square meters. This landmark project will feature a wide array of global retail outlets alongside exceptional leisure and entertainment concepts and is scheduled to open in the first quarter of 2027.

Waleed Alsharian, CEO of Shomoul Holding, said: “The Avenues — Riyadh represents a major milestone in our journey to create exceptional, integrated destinations that seamlessly combine retail, leisure, and hospitality. The addition of these prestigious brands from Alshaya Group will further elevate the visitor experience at one of the most anticipated shopping and entertainment hubs in Saudi Arabia and the wider region.”

John Hadden, CEO of Alshaya Group, added: “We are delighted to be part of The Avenues — Riyadh, which reflects our ongoing commitment to bringing the finest global brands and outstanding retail and leisure experiences to our customers in Saudi Arabia. With over 100 stores — including many flagship stores from our famous brands including our new partner Ulta Beauty, our first DreamWorks entertainment center, and more new brands to follow — our investment demonstrates our support of growth in the Kingdom and the employment of Saudi nationals.”

Alshaya Group’s portfolio at The Avenues — Riyadh will include a diverse range of brands including Starbucks, American Eagle, Footlocker, Victoria’s Secret, H&M, Bath and Body Works, Charlotte Tilbury, Raising Cane’s, Shake Shack, and Chipotle, as well as recently announced new partner Ulta Beauty. The first Ulta Beauty store in the region will open in The Avenues, Kuwait, in November. 

Last year, Alshaya Group also announced a strategic partnership with DreamWorks Animation and Universal Live Entertainment to launch the Middle East’s first DreamPlay interactive and creative entertainment center. The region’s first DreamPlay will also open at The Avenues — Riyadh, further strengthening its position as a premier, fully integrated family leisure hub.

The destination will also feature more leading entertainment experiences from Alshaya Group, including Masha and the Bear, Zafari, Cube Karting, and Sports Ultimate.