Mubasher: Mabanee Co. said its 60% subsidiary Shomoul Holding Ltd has signed a SAR 500 million ($133.4 million) agreement with the Project Support Fund, which is affiliated to the kingdom’s finance ministry, to finance The Avenues project in Riyadh.

This deal was signed to complete the development of the commercial complex in The Avenues Riyadh, according to Mabanee’s statement to Boursa Kuwait on Wednesday.

The Kuwaiti firm previously inked a preliminary agreement worth SAR 5.1 billion ($1.4 billion) with nine GCC banks to finance the same investment.

Mabanee’s profits rose 6.9% to KWD 52.5 million in 2018, from KWD 49.2 million a year ago.