Canada-based engineering services firm AtkinsRéalis Group announced on Thursday that it has been awarded the Cost Consultant by Shomoul Holding Company for the second phase of The Avenues – Riyadh mixed-use development in Saudi Arabia.

Phase II of The Avenues – Riyadh comprises five towers that will house premium hospitality, commercial, and residential offerings, the firm said in a press statement.

AtkinsRéalis’ scope of work includes cost planning, procurement advisory, and value engineering services, the statement said.

The company will provide cost consultancy services across both phases of the project, which also includes a three-storey mall with nearly 370,000 square metres (sqm) of leasable space and parking for over 14,000 vehicles.

Last week, Zawya Projects reported that Kuwait-based developer Mabanee upsized an existing loan and secured new financing totalling 5.83 billion Saudi riyals ($1.6 billion) for The Avenues - Riyadh.  The report said the financing supports Mabanee’s strategic plan to continue developing The Avenues Riyadh Mall, and The Avenues Riyadh Towers, which will comprise three hotel towers, an office tower, and a residential tower.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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