Bahrain - Leading Kuwaiti developer Mabanee said one of its key subsidiaries in Bahrain has reached a deal to purchase a 9,554 sq m vacant plot of land in the Bahrain Bay for KD5 million ($16.1 million).

This comes in line with its plan for further investment and development, said the compaany in its filing to Boursa Kuwait.

The significant effect of the transaction on the financial position of the company will be an increase in total assets, it added.

TradeArabia had last year reported that The Avenues Company, a wholly owned subsidiary of Al-Sorouh Management Company, had appointed Nass Group as the main contractor for the construction of The Avenues - Bahrain Phase II expansion project, which will add another 30,000 sqm in leasing space, as well as new districts.

The expansion project will extend The Avenues - Bahrain further along the west of Manama’s Seafront.

The extension will add 41,200 sq m of leasable space, which will include 244 units, two entertainment areas, an ice rink, and a supermarket, as well as a basement parking, bringing the total leasable area in both phases to approximately 80,000 sq m.

Work is under way on the project and is expected to be completed by the first quarter of 2024.

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