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

Mabanee subsidiary is set to build $1.9bn shopping complex in Riyadh.
Mabanee subsidiary is set to build $1.9bn shopping complex in Riyadh.

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. 

 

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