Kuwait-listed Mabanee to work on The Avenues - Bahrain Phase 2
The Avenues Company, part of Al Sorouh Management Company that is 35% owned by Mabanee will begin work in Q1 2020
Boursa Kuwait-listed real estate developer Mabanee has revealed that The Avenues Company, fully-owned by Al Sorouh Management Company — 35% of which is owned by Mabanee — and Bahrain’s ministry of works, municipalities, and urban planning have signed an agreement to work on The Avenues - Bahrain Phase 2, construction work on which will commence in Q1 2020.
In a stock market missive, Mabanee said that as part of the agreement, the company will also lease and develop “a land beside The Avenues – Bahrain Phase 1”.
The company said that Phase 2 of the waterfront project will add a leasable area of 38,000m2, in addition to the existing leasable area of 39,000m2 in Phase 1.
An Arabic-language statement on the Facebook page dedicated for The Avenues – Bahrain, revealed that the lease period extends for 60 years. The value of the contract for the construction of the project is $106.1m (BHD40m), with work on Phase 2 expected to be completed by Q4 2022.
Speaking about the project, the kingdom’s minister of works, municipalities, and urban planning, HE Eng. Issam Abdullah Khalaf said that the development is expected to receive its guests in December 2020.
In September 2019, Mabanees Shomoul Holding Company had awarded Saudi Arabia-based contracting company, Nesma & Partners a $1.6bn (SAR6.2bn) construction contract for Phase 1 of the $3.5bn (SAR13bn) The Avenue – Riyadh.