Mabanee COO says The Avenues-Riyadh project 65% complete

Logo of Mabanee Co.

Mabanee Co.’s Chief Operating Officer (COO), Waleed Al Fahad, said that construction of The Avenues-Riyadh project is 65% complete, with the opening of its commercial mall scheduled for late 2026. Other parts of the project, including three hotels, a residential tower, and a service tower, will be launched a year later.

The leasing rate for The Avenues-Riyadh complex exceeded 70% of its total leasable area, which spans 400,000 square meters (sqm), Al Fahad told Al-Eqtisadiah newspaper.

For more news and details on the projects

Al Fahad attributed the high leasing rate to strong investor demand for commercial facilities in Riyadh and confidence in Mabanee’s track record from projects in Kuwait and Bahrain.

Construction is progressing rapidly, including work on the road network surrounding the site in cooperation with the Roads General Authority, Royal Commission for Riyadh City, and other government agencies, he added.

Al Fahad also highlighted Mabanee’s plans to expand further in Saudi Arabia, describing the market as promising and attractive.

According to data available with Argaam, the foundation stone was laid for The Riyadh-Avenues project in February 2022, which is being implemented by Mabanee’s subsidiary Shomoul Holding Co. over an area of 1.8 million sqm, with investments exceeding SAR 14 billion.