Kuwait’s Mabanee upsizes financing for The Avenues Riyadh project by $1.6bln

Kuwait developer Mabanee announced on Sunday that it has upsized an existing loan and secured new financing totalling 5.83 billion Saudi riyals ($1.6 billion) for its mega project The Avenues – Riyadh in Saudi Arabia.

The developer said in a bourse disclosure that together with partner Shomoul Commercial Mall Company (a subsidiary of Mabanee), it has signed an amendment and upsizing to the existing financing agreement for The Avenues Mall Riyadh by SAR 2.38 billion ($635 million)

Additonally, a new financing facility of SAR 3.45 billion ($920 million) was secured for The Avenues Riyadh Towers, it said in its disclosure.

Combined with the earlier facilities, the total debt facility for The Avenues – Riyadh now amounts to SAR 11.44 billion ($3.04 billion) with a door-to-door of 14.25 years (equivalent to 171 months).

The new financing supports Mabanee’s strategic plan to continue developing The Avenues Riyadh Mall, and The Avenues Riyadh Towers, which will comprise three hotel towers, an office tower, and a residential tower, the statement noted.

Located in North Riyadh City, The Avenues – Riyadh extends across an area of 390,000 square metres (sqm) and will have 1,870,000 sqm of built-up area and 370,000 sqm of leasable area.

Shomoul Holding is a joint venture between Mabanee, Saudi-based Al Fozan Group and Kuwait-based Alshaya Group.

In August 2025, AECOM was appointed the Project Management Consultant (PMC) and engineer for Phase II of the project following successful delivery of Phase I, according to a Zawya Projects report.

Previous media reports have pegged the total value of the project at SAR17.2 billion ($4.586 billion).

The project is scheduled to open in the fourth quarter of 2026, according to Mabanee’s website.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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