Shumoul Holding Company

Shomoul holding is a Saudi limited liability company, which was established in 2014, as a joint venture between Mabanee Company of Kuwait (55%) and Al Fozan Holding (45%). The company aims to manage industrial and commercial enterprises and services, hotels, restaurants, supermarkets, residential and commercial complexes, tourist resorts the purchase of land and building, and investing in it by rent or sale for the company. In addition to development, management, operation and maintenance of properties, and the organization and management of permanent and temporary exhibitions.

5 Sep 2016

Shumool Real Estate is a joint venture between Al Fozan Holding and Mabanee Company of Kuwait. The objectives of Shumool is to construct, operate and manage shopping malls, housing complexes, hotels and tourism resorts throughout Saudi Arabia.

4 Sep 2016

Kuwait's Mabanee says Saudi unit gets nod for $1.9 bln Riyadh shopping complex

Nov 10 A subsidiary of Kuwaiti developer Mabanee has received approval to build a 7 billion riyal ($1.9 bln) retail, residential and commercial complex in Saudi Arabia's capital Riyadh, the parent firm said on Tuesday. Shumoul Holding Co, 55-percent owned by Mabanee, will begin work on the 1.7 million-square-metre project in the next few months, according to a statement to the Kuwait stock exchange. The Avenues Riyadh will include a shopping mall, plus residential and office units and has now been approved by the city's authorities, the statement said. Mabanee expects the project to be completed in 2019, but did not say how it would be funded. However, its 2014 annual report states it incurred costs of 106 million Kuwaiti dinars ($349 mln) that year to buy the land for The Avenues Riyadh and conduct some work on the scheme. Mabanee has interests in real estate, construction and investments. ($1 = 3.7501 riyals) ($1 = 0.3038 Kuwaiti dinars) (Reporting by Matt Smith and Yara Bayoumy; Editing by Susan Fenton)

10 Oct 2015