Kuwaiti real estate developer Mabanee Company said its Saudi subsidiary has signed two contracts for construction work on the second phase of The Avenues – Riyadh – at a total value of 1.13 billion Saudi riyals ($301.3 million).
The first contract worth SAR 656 million was signed with Alghanim International Al Saudia for constructing three towers, the company said in a statement to the Kuwaiti stock exchange on Sunday.
The second contract was signed with Al Ahmadiah Contracting and Trading Company to construct two towers valued at SAR 475 million.
The towers are expected to be completed between 24 and 33 months from the commencement date, the statement added.
The SAR17.2 billion The Avenues – Riyadh is expected to open in the first quarter of 2026. The mixed-purpose development covers an area of 390,000 sqm with a total built-up area of 1,870,000 sqm.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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