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.