Kuwait’s Mabanee to re-evaluate The Avenues - Riyadh on COVID-19 pandemic

Kuwait-based Mabanee Co. announced that Shomoul Holding Co.’s board of directors decided, during the meeting held on Aug. 12, to re-evaluate The Avenues - Riyadh project in light of the current economic circumstances and the continuity of crisis due to COVID-19.

Mabanee Co.’s board of directors extended support for Shomoul’s decision, taking into account the temporary suspension with all parties until the completion of the project re-evaluation, it said in a statement to Boursa Kuwait.

Mabanee further added that it is currently difficult to determine the exact financial impact, noting that it will disclose any developments in due course.

According to data compiled by Argaam, Al-Khobar-based Shomoul Holding is a Saudi limited liability firm, established in 2014, as a joint venture between Mabanee Co., Al-Fozan Holding Group Saudi Arabia, and Alshaya Group Kuwait.

The Avenues - Riyadh is a mega mall, which houses more than 1,300 stores and consists of diverse districts designed with different themes that bring several cities into one.

It also includes five multi-purpose towers, consisting of hotels, exhibition, conference halls, residential apartments, offices, and medical facilities, making it one of the largest commercial complexes in the Middle East.

The shopping mall is slated for completion in 2023, followed shortly by the office tower and the Waldorf Astoria hotel and the remaining three towers.