Mabanee to build US$1.9 bn retail, residential and commercial complex in Saudi Arabia

Posted on 11th November 2015

A subsidiary Kuwait developer Mabanee has received approvial to build a $1.9 billion (SAR7bn) retail, residential and commercial complex in Saudi Arabia's capital Riyadh.

Shumoul Holding Co, 55% owned by Mabanee, will being work on the 1,700,000 sqm project in the next few months, according to a statement to the Kuwait stock exchange.

The Avenues Riyadh, which is scheduled for completion in 2019, will feature a shopping mall, plus residential and office units, according to Constructionweekonline news report.

Mabanee has not yet disclosed how the project will be funded.

However, its 2014 annual report revealed the company incurred costs of $349 million (KWD106m) to buy land and conduct some work on The Avenues Riyadh.

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