Ma­ba­nee says Saudi unit gets nod for $1.9 bln Riyadh shop­ping com­plex

Kuwait Times - - LOCAL -

DUBAI: A sub­sidiary of Kuwaiti de­vel­oper Ma­ba­nee has re­ceived ap­proval to build a 7 bil­lion riyal ($1.9 bln) retail, res­i­den­tial and com­mer­cial com­plex in Saudi Ara­bia’s cap­i­tal Riyadh, the par­ent firm said yes­ter­day.

Shu­moul Hold­ing Co, 55-per­cent owned by Ma­ba­nee, will be­gin work on the 1.7 mil­lion-square-me­ter project in the next few months, ac­cord­ing to a state­ment to the Kuwait stock ex­change. The Av­enues Riyadh will in­clude a shop­ping mall, plus res­i­den­tial and of­fice units and has now been ap­proved by the city’s au­thor­i­ties, the state­ment said.

Ma­ba­nee ex­pects the project to be com­pleted in 2019, but did not say how it would be funded. How­ever, its 2014 an­nual re­port states it in­curred costs of 106 mil­lion Kuwaiti di­nars ($349 mln) that year to buy the land for The Av­enues Riyadh and con­duct some work on the scheme. Ma­ba­nee has in­ter­ests in real es­tate, con­struc­tion and in­vest­ments. — Reuters

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.