Mabanee awards $985m deal for Avenues Khobar Phase I
KUWAIT CITY, August 27, 2023
Leading Kuwaiti developer Mabanee has awarded a construction contract worth SR3.66 billion ($985 million) to a joint venture of Saudi group AlKifah Contracting Company and Kuwait-based Al Ahmadiah Contracting for Phase One of its premium mixed-use project in Saudi Arabia - The Avenues Khobar.
Spanning a 197,673-sq-m area in the kingdom's Eastern Province, The Avenues Khobar encompasses a commercial complex, entertainment spaces, and towers including hotels, residential apartments, offices, medical facilities as well as multi-purpose halls for hosting a range of events.
As per the contract, the joint venture will be completing the work on a shopping mall and mixed-use towers within a three-year period, stated Mabanee in its filing to Boursa Kuwait.
The Avenues Khobar, which has a gross leasable area of more than 168,000 sq m, will feature a modern and unique design that reflects the nature of the Eastern Province.
It will have the best standards for preserving the environment and energy and also include the elements of sustainability in alignment with the Kingdom’s vision.
According to Mabanee, the Avenues – Khobar is scheduled to open by 2025.-TradeArabia News Service
