Kuwaiti firm recieves approval for major project in Riyadh
- Avenues Riyadh project set to cost $1.9bn
- Expected completion date in 2019
Kuwaits Mabanee is set to develop a $1.9bn mixed-use project in Saudi Arabia, according to a company statement.
Mabanees subsidiary Shumoul Holding Company, which is 55 per cent owned by the Kuwaiti firm, has received approval to develop the project in Riyadh.
The Avenues Riyadh will include a shopping centre, residential and office units, as well as other retail space. It is understood the company incurred costs of $349m in order to purchase land for the project.
Mabanee said the scheme will be completed by 2019. No details were provided on how the project will be funded.
Mabanee is the developer of the Avenues mall in Kuwait.