Riyadh, Saudi Arabia – 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 $150M by Alshaya Group, the companies world famous brands will open across a total leasable area of over 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 (MENA) 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.
Commenting on the announcement, 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, commented: “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 centre, 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 & 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 opens in The Avenues, Kuwait, in November 2025.
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 centre. 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.
About Shomoul
Established in 2014, Shomoul Holding was a result of the long-term vision of its partners, who strongly believed in the investment and real estate development opportunities in the Kingdom of Saudi Arabia. This vision stems from the Kingdom’s ambitious approach, in making the nation a pioneer in partnerships with the private sector where the development plans support decision makers, which in turn help enhance the national economy. Shomoul derives from the experience and success of its partners: Mabanee, the largest real estate company in Kuwait in terms of market value, and whom created a change in the tourism and retail sectors, Al Fozan Group, one of the leading players in the Saudi retail, industry, real estate and commerce sectors, in addition to Alshaya Group, a Kuwait-based family business established in 1890 and a group of leading companies in the Middle East’s commerce, retail and real estate sectors, as well as in investment, vehicles and projects.
The Avenues – Riyadh will be located in North Riyadh City, in a prime position overlooking the intersection of King Salman and King Fahad Bridge
ABOUT ALSHAYA GROUP
Alshaya Group is a dynamic family-owned business, first established in Kuwait in 1890. With a consistent record of growth and innovation, Alshaya Group is one of the world’s leading brand franchise operators, offering an unparalleled choice of over 70 well-loved, international brands to customers.
Alshaya Group’s portfolio extends across the Middle East and North Africa (MENA), Türkiye and Europe, with over 4,000 stores, cafes, restaurants, and leisure destinations, major logistics and food production operations, as well as over 125 online and digital businesses including one of the region’s biggest retail loyalty programmes, Aura.
Operating in multiple sectors including Fashion, Food, Health & Beauty, Pharmacy, Home Furnishings and Hospitality & Entertainment, over 50,000 Alshaya colleagues are united by a commitment to authentically deliver great customer service and brand experiences.
From flagship stores and restaurants in prestige malls, through to local coffee shops, drive-thrus and online, Alshaya Group brings customers the experiences they want with the brands they love, in the ways they choose – including Starbucks, American Eagle, Footlocker, Victoria’s Secret, H&M, Bath & Body Works, Charlotte Tilbury, Raising Cane’s, Shake Shack, and Chipotle.
Learn more about Alshaya Group at www.alshaya.com