Local developer Mabanee Real Estate Company has signed an agreement with local financier Kuwait Finance House for KD100m ($345m) of funding for the third phase of Kuwait’s largest shopping mall by April 2012.
The first two phases of the Avenues shopping mall in the Al-Rai industrial district were built by local contractor Alghanim International General Trading & Contracting. It completed the estimated $190m first phase in 2006 and the estimated $275m second phase at the end of 2008.
Although the construction contract for the third phase was scheduled to be awarded in the first quarter of this year, it is unclear whether Alghanim will be awarded the latest contract or whether Mabanee with choose to re-tender it.
According to a statement by Mabanee chairman Mohammad Alshaya, the 100,000-square-metre third phase of the Avenues will be finished in 2012 and will cost in excess of $500m.
The third phase is designed to include:
- Arabian souk with subterranean bazaar
- European-themed luxury mall
- A shaded garden with water features
- A five-star hotel
- A conference hall
- Car park for 3,500 vehicles
Canada’s Norr Group International Consultants, UAE-based Al-Jazeera Architecture & Engineering, the local Pan Arab Consulting Engineers and US-based Gensler completed various stages of the design and masterplan for the first and second phases. Norr Group is expected to lead the architectural design on phase three.
The total cost of the first three stages of the shopping mall is estimated to be $1.25bn.