Kuwait-based real estate developer Mabanee signed new agreements to expand financing for The Avenues Riyadh project, adding SAR 2.4 bn to its existing funding, the company said in a disclosure to Boursa Kuwait yesterday. The company also secured a new SAR 3.5 bn loan dedicated to The Avenues Riyadh Towers, bringing the total financing of the project to SAR 11.4 bn, with a repayment period of 14.25 years.

What we know: The additional funding will back the ongoing construction and development of the large-scale mixed-use destination, which will feature a shopping mall, three hotels, an office tower, and a residential tower.

More about the megaproject: The SAR 17.2 bn Avenues Riyadh project will cover 390k sqm with a total built-up area of 1.9 mn sqm, housing residential towers, hotels, entertainment venues, retail spaces, and offices. The development is a JV between Shomoul Holding and regional architecture and engineering firm Pace. Construction kicked off in 1Q 2022, with the development scheduled to open its doors in 4Q 2026. The project had reached a completion rate of 44.5% as of August 2024.

IN CONTEXT- The Saudi arm of Mabanee signed two contracts worth a combined SAR 1.1 bn in February to develop towers in the second phase of The Avenues Riyadh. The company signed a SAR 656 mn agreement to construct three towers for Alghanim International Al Saudia, and another SAR 475 mn agreement with Ahmadiah Contracting and Trading for two additional towers.

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