Mubasher: Mabanee Co. announced that the design and construction works of phase one of Avenues Riyadh will be awarded to Nesma and Partners Contracting Co at a value of SAR 6.15 billion.

The deal was facilitated through Shomoul Holding Company, a subsidiary of Mabanee through Shomoul Commercial Mall, Mabanee disclosed to Boursa Kuwait on Wednesday.

The first phase of the project includes the execution of the entire mall, parking, gardens, and internal roads. The commercial complex is expected to be the largest leisure and commercial destination in Saudi Arabia. Meanwhile, a letter of intent worth of SAR 68 million was signed with Nesma and Partners Contracting Co, hence, preluding to the singing of the final contract to commence the construction works of the project.

The said award will not have any financial impacts on Mabanee’s company.

It is worth highlighting that during the second quarter of 2019, Mabanee’s profits hiked to KWD 14.05 million from KWD 12.59 in the corresponding in the period in 2018, an 11.5% year-on-year rise.