The Avenues Khobar ... to be set at a cost of $1.9 billion.
Work to start on Avenues Khobar mall
01 December 2023
Leading Kuwaiti developer Mabanee will be breaking ground this month (December 17) on its prime mixed-use development – The Avenues Khobar – coming up over a 197,670-sq-m area in the Eastern Province.
To be set up at an estimated cost of SR7.2 billion ($1.9 billion), The Avenues Khobar will boast 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, said Mabanee in its filing to Boursa Kuwait.
Mabanee had awarded the main contract for the construction of Phase One of The Avenues Khobar project worth SR3.66 billion ($985 million) to a joint venture of Saudi group AlKifah Contracting Company and Kuwait-based Al Ahmadiah Contracting.
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 mixed-use project will offer a gross leasable area of more than 168,000 sq m, it added.
- Work to start on Avenues Khobar mall
- Neom launches Epicon coastal tourism project
- Egis acquires engineering consultancy Omrania
- Ajdan launches sale of Infiniti Phase One units
- Al Jazera uses CDE unit for City of Roses work
- Retal, NHC in deal to build over 1,100 homes
- AlBawani expects revenue to rise to $7.2bn
- G5PS lands contract for $800m water project
- SPPC signs PPAs for $7.8bn projects
- Omatra launches new workshop in Al Khobar
- Rabigh-4 plant marks financial close
- RSG achieves record Leed building score
