Kuwait’s Mabanee resumes work on The Avenues - Riyadh

Logo of Mabanee Co.

Kuwait-based Mabanee Co.’s board of directors approved the decision to resume work at The Avenues – Riyadh, a project by its 60%-owned subsidiary, Shomoul Holding Co.   

Any updates will be announced in a timely manner, Mabanee said in a filing to Boursa Kuwait.   

In August 2020, Mabanee announced the re-evaluation of The Avenues - Riyadh project in light of the current economic circumstances and the continuity of crisis due to COVID-19, 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.