Leading Kuwaiti developer Mabanee will be breaking ground on December 17 on its prime mixed-use development - The Avenues Khobar - coming up over a 197,670-sq-m area in the Eastern Province of Saudi Arabia, said Mabanee in its filing to Boursa Kuwait.

 

To be set up at an estimated cost of SAR7.2 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.

 

Earlier, TradeArabia had reported that Mabanee had awarded the main contract for the construction of Phase I 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 sqm, it added.-TradeArabia News Service