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Mabanee to expand The Avenues in GCC – CEO

Mabanee to expand The Avenues in GCC – CEO
The Kuwaiti company will build two projects in Saudi Arabia
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Mubasher: Mabanee Co has played an important role in the real estate sector in Kuwait since 1964, company CEO Waleed Al Shareaan said in a press conference on Thursday.

Mabanee’s business represents one-third of the overall market value of the real estate segment in Kuwait, the CEO added in the press conference, according to a bourse statement on Sunday.

Al Shareaan clarified that the success of The Avenues – Kuwait, valued at $1.9 billion, opened other opportunities for Mabanee to expand in the region, offering a unique shopping and leisure experience.

The fourth phase of The Avenues – Kuwait was launched in March 2017 with a leasing space of nearly 85%, while the other phases represent 95% leasing space of the whole project which offers 360,000 square meters, Al Shareaan.

In Bahrain, Mabanee is currently undertaking phase 1 of The Avenues project, which has a total value of $170 million, was launched in October 2017 and is being operated by Mabanee – Bahrain Company.

Mabanee plans to expand its project in Bahrain by launching the second phase with a total value of $200 million, the second phase will include 170 stores.

The CEO noted that the Kuwaiti company will build two projects in Saudi Arabia, one in Riyadh with a total value of $3.2 billion, while the other one is in Khobar with a total value of $1.9 billion.

In Riyadh, constructions work of The Avenues will commence by the end of 2018 and will be completed in four years.

Al Shareaan added that Riyadh project is considered a multi-use megaproject with a land space of 400,000 square meters that will include nearly 1,300 stores and five business towers.