Page 24 - Magazine February 2022

Construction Construction Contractors News
Property

Mabanee unit starts work on $3.7bn RAK Properties launches Gateway

Avenues Riyadh project Residences 2 project

Shomoul Holding Company, a unit of Kuwait’s and a total built up area of 1,800,000 sq. m.
Mabanee Company has laid the foundation stone for Part of the project will consist of five multi-purpose
the $3.73-billion The Avenues Riyadh project. towers that include hotels, residential apartments,
Spread over a 390,000-sq-m area, The Avenues - offices and parking for 18,000 vehicles. This will make
Riyadh will be the ideal destination for shopping, it the best destination for shopping, entertainment and
entertainment and residing in Saudi Arabia. even residence in Saudi Arabia, said the statement
The retail destination, which enjoys a direct strategic from Mabanee.
location on King Salman Road and the King Fahad The project includes multiple districts such as
Causeway, will contribute to strengthening the service Prestige, Grand Avenue, The Souk, The Mall, Electra,
and retail sectors in the kingdom as well as creating Oasis, Grand Plaza, The forum and The Walk.
tens of thousands of job opportunities. The Kuwaiti developer said Avenues - Riyadh will
A Saudi limited liability company established in 2014, include four hotels operated by Hilton, including a
Shomoul is a joint venture between Mabanee Company 350-room Waldorf Astoria, a 400-room Conrad, a
of Kuwait, Al Fozan Holding, and Mohammed Hamoud 450-room Hilton Garden Inn, as well as a 150-room
Alshaya. Canopy by Hilton, the first of Hilton’s lifestyle Canopy
The project will be extends over a land area of by Hilton brand in the Middle East.
390,000 sq. m area, a leasable area of 400,000 sq m

RAK Properties, one of the leading real estate and housing units within the finest community in the Ras
tourism infrastructure developers in the UAE, has Al Khaimah. In addition, it is in line with the company’s
launched the Gateway Residences 2 project on Hayat continuous efforts to provide the most distinguished
Island, at the heart of the Mina Al Arab community in residential projects with waterfront views.
Ras Al Khaimah. “The Gateway Residences 2 project includes
The project was launched after the resounding residential units suitable for small and medium
success of the Gateway Residences 1 project on Al families and is equipped with high-quality facilities.
Raha Island in Mina Al Arab. With stunning views of the water and easy access to
Gateway Residences 2 includes spacious apartments, shops and major landmarks, it offers a dreamy family
which combine modern urban design with the environment. It is also near both Anantara Hotel &
charming natural surroundings. The one- and two- Resort and the InterContinental Ras Al Khaimah Mina
bedroom apartments have been carefully designed Al Arab Resort & Spa, which is set to open soon,” he
to provide spacious living areas coupled with large said.
balconies to take advantage of the stunning views of Mina Al Arab covers an area of 44 million square feet,
the distinctive waterways and the natural beauty of much of which is dedicated to ecological reserves, and
Hayat Island. boasts a variety of marine life, which makes it popular
Mohammed Al Tair, acting CEO of RAK Properties, with residents and visitors alike. Its hotels and resorts
confirmed that the launch of the new project comes have a unique character, with retail shops, gardens,
as a direct result of the immense demand for Gateway and many recreational facilities, all presented as a
Residences 1, which witnessed remarkable interest unique oasis designed to encourage visitors to enjoy
from clients and investors looking to own high-quality the beauty of nature that surrounds them.

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