Kuwait’s Mabanee signs 2 contracts for Avenues Riyadh at SAR 1.13B

Kuwait’s real estate developer, Mabanee Co., announced that its Saudi subsidiary signed two contracts for construction work as part of the second phase of The Avenues-Riyadh project, at a total value of SAR 1.13 billion.

In a statement to Boursa Kuwait, the company said the first contract was signed with Alghanim International Al Saudia for the construction of three towers, valued at SAR 656 million (KWD 53 million).

Meanwhile, the second contract was signed with Al-Ahmadiah Contracting & Trading Co. – Saudi Branch for the construction of two towers, worth SAR 475 million (KWD 39 million).

The company expects the entire project to be completed within 24 to 33 months from the commencement date.

According to data available with Argaam, the foundation stone for The Avenues-Riyadh was laid in February 2022, covering an area of 1.8 million square meters, with total investments exceeding SAR 14 billion.

Mabanee’s Chief Operating Officer (COO), Waleed Al Fahad, stated that 65% of the project has been completed. The shopping mall is set to open in late 2026, while the remaining components—including three hotels, a residential tower, and a service tower—will be launched a year later.