Kuwait-listed Mabanee’s Saudi projects, developed by subsidiary Shomoul Holding Company, remain on track, although evolving regional conditions may introduce ‘selective timing impacts,’ according to real estate developer’s first quarter 2026 results presentation.

Shomoul is owned 73 percent by Mabanee and 27 percent by other partners.

The Avenues – Riyadh

The company said construction progress at The Avenues - Riyadh has reached approximately 89 percent. Testing and commissioning activities are underway at the super-regional mall, which is scheduled for opening in the first half of 2027.

On the leasing front, key anchor tenants are already taking over units and commencing fit-out works, the presentation noted.

Spread over a land area of 390,000 square metres (sqm), the project’s Built-Up Area (BUA) stands at 1.499 million sqm. With a Gross Leasable Area (GLA) of 361,000 sqm, The Avenues - Riyadh offers more than 1,500 retail units.

Riyadh Towers

The Riyadh Towers component is in the early stages of development with civil works at approximately 60 percent, and overall project completion at around 12 percent, the quarterly results presentation noted.

With a BUA of 390,000 sqm, the mixed-use development comprises five towers with first tower containing offices with a GLA of 41,000 sqm, the second tower containing a Waldorf Astoria Hotel (389 rooms including hotel and serviced residences), the third tower residential units, the fourth tower the Canopy Hotel (468 keys with hotel and serviced residences), and the fifth tower the 411-key Conrad Hotel.  The project will offer a total of 1,268 hotel and 232 serviced apartment units, according to the presentation.

Hilton Group will operate the hotels while Mabanee will operate serviced apartments and offices.

The project is scheduled for opening in the first half of 2028.

The Avenues – Khobar

The Avenues - Khobar is also progressing steadily, with the mixed-use tower reaching its maximum structural height with pre-leasing activities expected to commence shortly. The project includes a regional mall, a hotel tower and office tower. Construction has reached approximately 48 percent, with opening targeted in the second half of 2027.

The project spans a land area of 198,000 sqm with a BUA of 760,000 sqm. The Mall GLA is 168,000 sqm with approximately 700 retail units on offer while the office tower GLA is 17,000 sqm. The 200-key hotel will be operated by Hilton Group.

Mabanee said all Shomoul developments are being delivered in line with environmental, social and governance (ESG) standards and are targeting LEED Gold certification across malls and towers.

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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