The developer says the Avenues Sharjah mall project has been scrapped
Kuwaiti developer Mabanee Company has announced that it has scrapped its plans to build the Avenues mall in Sharjah.
In a filing posted on the Kuwait bourse, the developer said that it would terminate the joint venture Mabanee Shurooq Company it had set up with Sharjah Investment & Development Authority (Shurooq) and cancel the project.
Mabanee is a 65% shareholder in Mabanee Shurooq Company.
Mabanee also operates The Avenues malls in Kuwait and Bahrain.
It is developing two projects in Saudi Arabia, including The Avenues Riyadh and The Avenues Khobar.
In August last year, Shomoul Holding awarded a SR3.66bn ($975m) main construction contract for the first phase of The Avenues Khobar project.
The contract was awarded to a joint venture of Saudi-based Alkifah Contracting Company and Kuwait’s Al-Ahmadiah Contracting Company.
The Avenues is a mixed-use project with a total plot area of 197,600 square metres and a built-up area of 696,000 sq m, located in Khobar in the Eastern Province of Saudi Arabia. It includes a commercial complex, residential apartments, hotels, entertainment spaces, offices, medical facilities and multi-purpose halls.
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