Mubasher: Mabanee Co is currently studying the offers proposed from contractors for The Avenues - Riyadh project in Saudi Arabia, the company's deputy CEO Tareq Al Adsani said.

Al Adsani expected the opening of The Avenues - Riyadh to be in the beginning of 2023 based on the planned time frame, while the capital expenditure (capex) for the project is estimated at SAR 10 billion ($2.7 billion), according to a bourse filing on Tuesday

He clarified that 50% of the required capital has been already spent, while the remaining amount can be covered by the partners of the project.

A number of banks in Kuwait, Saudi Arabia, and the UAE earmarked up to SAR 5.5 billion ($1.5 billion) as an available funding for the Kuwaiti project in Saudi Arabia.

Regarding The Avenues - Khobar project in Saudi Arabia, Al Adsani said that the project is still in the process of approving the model and it is in final stages, with expectation to be inaugurated in 2022.