Leading Kuwaiti developer Mabanee has announced that its key subsidiary Shomoul has secured SAR4.35 billion ($1.2 billion) in Islamic financing from a consortium of banks for a period of 12 years towards development of its ambitious mixed-purpose project, The Avenues Khobar, in the kingdom's eastern province.

 

Spread over a 197,673 sq m area, The Avenues Khobar project will feature commercial facilities, dedicated entertainment spaces, and hotels, as well as residential apartments, offices, medical clinics, and exhibition halls. It will offer a gross leasable area of more than 168,000 sqm.

 

The upcoming retail and leisure development is set to feature modern designs reflecting the nature of the Eastern Province, adhering to the highest environmental and energy conservation standards. Further sustainability elements will be incorporated to align with the vision of the Kingdom, said the company in a statement. 

 

Shomoul had in August awarded the main construction works contract worth SAR3.66 billion to Al Kifah Contracting and Al Ahmadiyah Contracting for the first phase of The Avenues – Khobar project, which includes the commercial centre and the second tower (a mixed-use development).

 

The Avenues - Khobar, which is located in the northwest corner of the intersection of King Saud Road with Prince Sultan Road, is an unparalleled shopping destination and a distinctive attraction and entertainment point for the residents of the Eastern Province and its visitors from inside and outside the Kingdom.

 

It also boasts two hotel towers - the Four Seasons Hotel and the Canopy by Hilton Hotel - in addition to other office facilities.

 

The Avenues Khobar is scheduled to open its doors to the public by 2025.-TradeArabia News Service