05-09-2022
The Local Content and Government Procurement Authority (LCGPA) signed an agreement on Monday, May 9, 2022, with Shomoul Holding Company within the framework of the Local Content Forum. The agreement aims to develop local content in the construction industry and increase local spending in accordance with Saudi Vision 2030’s objectives.
The agreement was signed at The Ritz-Carlton Hotel, Riyadh, in the presence of Mr. Abdulrahman Al Samari, CEO of the Authority, and Mr. Waleed Alsharian, CEO of Shomoul Holding Company. The agreement enhances the two parties’ collaboration in a variety of areas, including the development of a comprehensive programme for local content at Shomoul Company. It also seeks to localize Shomoul’s specialized products to strengthen the national supply chain in the construction sector. The company will also need to create training programs on its projects, as well as promoting innovations and research in all of its operations to develop the sector further. It will also be required to support suppliers, contractors and national companies to develop local content in the sector and localize more national cadres in the company to increase the Saudization rate.
It’s noteworthy that Shomoul Holding Company is a joint venture between three of the most prominent Middle Eastern companies. The venture includes Mabanee Company, which is the largest real estate company in Kuwait. It also comprises the Saudi-based Al Fozan Group, a major player in Saudi Arabia’s retail, manufacturing, real estate, and commercial sectors. Finally, the Alshaya Group which runs some of the major enterprises in the Middle East. The Avenues-Riyadh and The Avenues-Khobar are two of Shumoul’s most high-profile ongoing projects, both of which are scheduled to debut in 2025. Both Avenues will be among the largest shopping malls in the Middle East, as well as a major tourist attraction and international landmark in Riyadh and Al-Khobar City. The two projects will also include international hotels, apartments, medical clinics, offices, and others. The Avenues-Riyadh draws inspiration from the unique Salmani architectural style in order to reflect the charm of Najd in its designs. On the other hand, Avenues-Al Khobar came with modern and unique designs that reflect the nature of the Eastern Coast, while following the highest standards of sustainability to reflect the Kingdom’s commitment to preserving its natural resources.
