Kuwait-based real estate development company Mabanee has announced that its Saudi subsidiary has awarded contracts worth SAR1.13 billion ($301 million) for the construction of five towers within the second phase of its key mixed-use destination - The Avenues Riyadh. 

 

The SAR17.2 billion Avenues – Riyadh is a mega multi-purpose development with a built-up area of 1.8 million sq m in the north of Riyadh.

The first contract worth SAR656 million has been awarded to Alghanim International Al Saudia for the construction of three towers and the second to Al Ahmadiah Contracting & Trading Company for the construction of two towers for SAR475 million, said Mabanee in its filing to Boursa Kuwait.

The entire work is expected to be completed within a period ranging from 24 to 33 months from the commencement date.

On the financial impact of these contracts, Mabanee said it is expected to be reflected in the company's financial statements based on the project execution schedule.

The Avenues – Riyadh extends across an area of 390,000 sq m. The development will house a plethora of hospitality, lifestyle, and entertainment venues, including three hotel towers, namely a Waldorf Astoria, Canopy by Hilton, and Conrad Hotel, a residential tower and an office tower with a parking lot accommodating more than 14,000 vehicles.

Construction work is currently under way on the first phase of the development covering the retail destination, which is set to become one of the largest commercial malls in the Middle East, with a gross leasable area of around 370,000 sq m.-TradeArabia News Service