Kuwait real estate developer Mabanee has announced that it entered into an agreement with a local bank to nearly double its credit facility from KD25 million ($82 million) to KD45 million ($147 million). 

 

The deal, which is for a period of 11 months, is aimed at funding the company’s main activities, said Mabanee in its filing to the Kuwait stock exchange (Boursa Kuwait). 

 

In December, Mabanee had broken ground on its $1 billion project, The Avenues Khobar Mall, in the Eastern province of Saudi Arabia. 

 

The Phase 1, comprising a shopping mall and a mixed-use tower, is likely to be completed by 2026.-TradeArabia News Service