Kuwait-based real estate developer Mabanee has provided a construction contract to a joint venture (JV) between Saudi Arabia's AlKifah Contracting and Kuwait's Al Ahmadiah Contracting businesses, reported Zawya.
This $985m contract pertains to phase one of The Avenues Khobar, a mixed-use project located in Saudi Arabia's Eastern Province.
Spanning approximately 197,673ft², the project will feature commercial spaces, entertainment areas, hotels, residential apartments, offices, medical facilities, and event halls.
The JV is tasked with completing the construction of the project within three years, according to a filing document submitted by Mabanee to Boursa Kuwait.
With a gross leasable area of more than 168,000ft², The Avenues Khobar will feature a contemporary design that aligns with the country's sustainability vision.
This project is set to officially open by 2025, stated Mabanee.
In February this year, Mabanee signed an agreement with Kuwait’s Public Authority for Housing Welfare for the development of the Sabah Al Ahmad Project (S3), reported Trade Arabia.
To be built in Kuwait City, S3 will be a mixed-use project spanning 40,121m².
Under the public-private agreement, Mabanee will offer design-and-build services for the project aside from the funding and operation of the $84.6m development.
S3 will feature retail, entertainment, and hospitality amenities. This project is set to be completed in three years.
Mabanee has several ongoing projects in Kuwait, Saudi Arabia, and Bahrain. It develops mixed-use projects and operates and manages shopping centres.
