Mabanee participates in ‘MAPIC 2022’
KUWAIT CITY, Nov 30: As a step within the steady path towards progress and leadership in the field of real estate development, Mabanee participates in the international “MAPIC 2022” event for commercial real estate projects through an integrated pavilion to display its most prominent projects in the retail sector from November 29th to December 1st, at the Palace of Festivals and Conferences in Cannes, France.
Notable Projects Launched from “The Avenues” Brand
Mabanee has expressed its pride in participating in the exhibition, saying: “MAPIC2022 is an important annual event for real estate and commercial projects, where we seek to meet key players in the retail sector to build new long-term business relationships, as well as introduce the world to our achievements in the field of development projects and our vision strategy through our unique and innovative real estate projects with international characteristics and specifications.”
Regarding its projects through which it is participating in the event, Mabanee stated: “As a major real estate developer, we have completed various significant projects in the region, with The Avenues being the most prominent. Our portfolio in the retail sector also includes a group of distinguished and innovative projects that are being constructed, which will provide new and valuable opportunities for retailers and consumers through the significant expansion of the sector projects”.
During MAPIC, Mabanee displayed the latest and most prominent projects developing in the region, all embodied in The Avenues brand, which has succeeded in establishing itself as the first destination for shopping and entertainment in Kuwait and the region. Mabanee’s well-thought-out vision and the tremendous success of The AvenuesKuwait formed a strong incentive for the construction of two major projects in Saudi Arabia, namely, The Avenues–Riyadh and The Avenues–Khobar, which were inspired by the success of The Avenues–Kuwait.
Shomoul Holding Company, in which Mabanee owns 60% of, has laid the foundation for The Avenues–Riyadh, which is envisioned to become one of the largest and most prominent tourism and entertainment brands in the world. The future projects plan of Shomoul Holding Company, in conjunction with The Avenues–Riyadh, includes the development of The Avenues – Khobar, highlighting the importance of the retail, hospitality, and tourism sector in supporting Saudi Arabia’s economic development.
The Avenues – Riyadh and the Salmany Architecture
The Avenues – Riyadh is located at the heart of Saudi Arabia in North of Riyadh City; a prime position overlooking the intersection of King Salman Road and King Fahad Bridge and extends across a land area of 1,505,000 sqm.
The Avenues - Riyadh is expected to become one of the largest commercial malls in the Middle East with a gross leasable area of 400,000 sqm and will include 5- and 4-star hotels, residential apartments, medical facilities, offices, and a parking lot for 15,000 vehicles, making it an ideal destination for shopping, entertainment, and accommodation in the Kingdom of Saudi Arabia. Additionally,
it will contribute to strengthening the service and retail sectors and creating more than 20,000 job opportunities for Saudi nationals.
The Avenues - Riyadh reflects the Salmany Architecture, which is characterized by an architectural style that embodies originality and modernity inspired from the past with renewed developmental molds to reflect its presence in the heart of Najd in Riyadh. It will also feature modern designs within the complex with sustainable and green elements that emulate the vision of the Kingdom. The Avenues – Riyadh is scheduled to open by 2025.
The Avenues – Khobar and Modern Architectural Design Concepts
Inspired by modern architectural design concepts, The Avenues - Khobar is located in the Eastern Province of Saudi Arabia, specifically in Khobar City at the northwestern corner of the intersection of King Saudi Road with Prince Sultan Road and extends across a gross leasable area of 175,000 square meters. The project will encompass commercial and entertainment areas, residential apartments, hotels, exhibition halls, ballrooms, offices, and medical facilities.
The Avenues – Khobar will feature a modern and unique design that reflects the nature of the Eastern Province, that include the best standards for preserving the environment and energy
and includes the elements of sustainability in alignment with the Kingdom’s vision.The Avenues – Khobar is scheduled to open by 2025.
About Mabanee
Mabanee is a leading real estate developer and partner, that collaborates with strategic partners across the region to create and deliver innovative real estate projects that create value for its shareholders and the community. With a paidup capital of KD 124 million (USD 406 million), Mabanee has been listed on the Kuwait Stock Exchange since 1999 and in the Premier Market Index in Boursa Kuwait. Mabanee operates under three key sectors, namely the development of mixed-use projects, the management and operation of shopping malls, and the design and project management.
About Shomoul Holding Company
Shomoul embodies a deep-rooted vision of a Saudi-Kuwaiti partnership that believes in investment and real estate development opportunities in the Kingdom of Saudi Arabia. This partnership is based on the extensive experience of partners in the Arab Gulf region and the Middle East.
Shomoul Holding Group aims to develop and diversify its operations through the management of industrial, commercial, service projects, hotels, restaurants, central markets, residential and commercial complexes, and tourist resorts, in addition to purchasing lands, building property, and investing them by selling or renting for the company, developing, managing, operating, and maintaining real estate, organizing, and managing permanent and temporary exhibitions.
The projects implemented by Shomoul in the Saudi market bear witness to more than 50 years of success, excellence, and long experience. Since its establishment, the company’s plans have included a number of projects that were designed and implemented in accordance with international standards, to achieve the objectives of investors, support decisionmakers’ plans for development in the Kingdom of Saudi Arabia and contribute to national growth by creating job opportunities in various regions of the Kingdom, in addition to promoting tourism, services, and retail.
About MAPIC
Created in 1995, MAPIC is the leading global platform to build vibrant retail & urban destinations. The international retail property market event will gather retail, property, food & leisure leaders from over 80 countries at the on-site event from November 29thto December 1st, 2022.
MAPIC was founded in 1995 and since then has held a long track record of gathering leaders from retail, property, food, and leisure shaping the industry future.