Mabanee to build $1.9bn Saudi shopping complex
Mabanee subsidiary, Shumoul Holding Co, has received approval to build the $1.9bn Avenues Riyadh project in Saudi Arabia's capital
A subsidiary Kuwait developer Mabanee has received approvial to build a $1.9bn (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.
Mabanee has not yet diclosed how the project will be funded.
However, its 2014 annual report revealed the company incurred costs of $349m (KWD106m) to buy land and conduct some work on The Avenues Riyadh.