Kuwait-Mubasher: Mabanee Company said Thursday that its subsidiary King Faisal Corniche Development Company has signed an agreement with Nass Contracting Company to execute the main works of Avenues-Bahrain project.

The contract is worth BHD 42.93 million ($113.1 million) and lasts for a period ending in February 2017, according to a bourse statement.

Mabanee said that its unit has signed a memorandum of understanding worth $94 million with Kuwait Finance House-Bahrain to complete and execute the works of Avenues-Bahrain.

Mabanee clarified that no financial impact will result from the agreement.