A subsidiary of Kuwaiti developer Mabanee has received approval to build a SR7-billion ($1.9 billion) retail, residential and commercial complex in Saudi Arabia’s capital Riyadh, the parent firm said.
Shumoul Holding Company, 55 per cent owned by Mabanee, will begin work on the 1.7-million-sq-m project called The Avenues Riyadh in the next few months, according to Mabanee.
The Avenues Riyadh will include a shopping mall, plus residential and office units and has now been approved by the city’s authorities, the company said.
Mabanee expects the project to be completed in 2019, but did not say how it would be funded.
However, its 2014 annual report states it incurred costs of KD106 million ($349 million) that year to buy the land for The Avenues Riyadh and conduct some work on the scheme.
Mabanee has interests in real estate, construction and investments.