Kuwait-based mall developer Mabanee Company announced on Monday that it will finalise contractors in the coming days for its upcoming malls in Saudi Arabia.
Mabanee said in a bourse statement that it is in the process of process of signing the main contractor for The Avenues - Riyadh and the drilling contractor for The Avenues - Al Khobar. The malls would be developed by Shomoul Holding, a joint venture between Mabanee, Kuwait's Alshaya Group and Saudi-based Al Fozan Group.
Mabanee currently operates ‘The Avenues’ branded malls in Kuwait and Bahrain. In April, Zawya Projects had reported that the company is completing the design for 'The Avenues Sharjah’ mall in Sharjah, UAE.
The Avenues Riyadh would be developed at a cost of 12 billion Saudi riyals ($3.2 billion) with a gross leasable area (GLA) of 400,000 square metres and buildup area of more than 1.4 million square metres. Part of the project will consist of five multi-purpose towers that include hotels, residential apartments, offices and parking for 18,000 vehicles, according to Shomoul Holding's website.
The Avenues Al Khobar will offer a GLA of 180,000 square metres and include commercial and entertainment areas, residential apartments, hotels, offices and medical facilities.
(Writing by SA Kader; Editing by Anoop Menon)(firstname.lastname@example.org)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021