Kuwait's Mabanee is planning to break ground for its $1 billion The Avenues Khobar Mall in Saudi Arabia on 17 December, the comany said on Wednesday.

The company said in a bourse disclosure statement that the project is located in the Eastern Khobar city and has a total area of nearly 197,000 square metres.

“We would like to inform that the foundation stone laying ceremony for the Avenues Khobar project will be on December 17,” Mabanee said.

In August, the company announced that the project was awarded to a consortium of Kuwait’s Al-Ahmadiah Contracting Company and Saudi’s Al-Kifah Contracting.

The contract was awarded by Shomoul Holding, a joint venture between Mabanee, fellow-Kuwaiti company Alshaya Group and Saudi-based Al Fozan Group.

The August statement said the contract is for Phase 1 of the project, including a shopping mall and a mixed-use tower, adding that it would be completed within 36 months.

The Avenues Al Khobar will include commercial and entertainment areas, residential apartments, hotels, offices, and medical facilities.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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