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Mabanee to spend $910mn on mall development

Al Rai Real Estate Company, has signed a three-year construction contract with Al Ahmadiya General Trading and Contracting Co worth $391mn to build the fourth phase of The Avenues

NEWS, Projects, Al Ahmadiya General Trading and Contracting Co, Al Rai Real Estate Company, Construction, Contract, Mabanee, The Avenues

Kuwaiti real estate firm Mabanee said on Wednesday it would spend 265mn dinars ($910mn) on building the fourth phase of its The Avenues mall development.

The total project cost, including the fourth phase, stands at 610mn dinars ($2bn), Mohamed Abdelaziz al-Shayee, chairman of Mabanee, said in a statement.

The company did not give details on how the scheme would be funded.

In a separate bourse filing, Mabanee said its subsidiary, Al Rai Real Estate Company, has signed a three-year construction contract with Al Ahmadiya General Trading and Contracting Co worth 114mn dinars ($391mn) to build the fourth phase.

Opened in 2007, The Avenues is the largest shopping mall in Kuwait and currently has over 800 stores, according to its website.

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Jun 01, 2019