{"id":94682,"date":"2025-02-24T00:00:00","date_gmt":"2025-02-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/24\/mabanees-saudi-arm-sign-sar-1-1-bn-contracts-for-five-towers-in-the-avenues-riyadh\/"},"modified":"2025-02-24T00:00:00","modified_gmt":"2025-02-24T00:00:00","slug":"mabanees-saudi-arm-sign-sar-1-1-bn-contracts-for-five-towers-in-the-avenues-riyadh","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/24\/mabanees-saudi-arm-sign-sar-1-1-bn-contracts-for-five-towers-in-the-avenues-riyadh\/","title":{"rendered":"Mabanee\u2019s Saudi arm sign SAR 1.1 bn contracts for five towers in The Avenues Riyadh"},"content":{"rendered":"

\n

REAL ESTATE-<\/p>\n

#1- <\/strong>Mabanee<\/strong>\u2019s Sa<\/strong>udi arm to build<\/strong> five towers in The Avenues Riyadh\u2019s second phase: <\/strong>The Saudi arm of Kuwaiti real estate developer Mabanee<\/a> signed two contracts worth a combined SAR 1.1 bn to develop towers in the second phase of The Avenues Riyadh megaproject, according to a disclosure<\/a> to Boursa Kuwait.<\/p>\n

The details: <\/strong>The company signed a SAR 656 mn agreement to construct three towers for Alghanim International Al Saudia<\/a>, and another SAR 475 mn agreement with Ahmadiah Contracting and Trading<\/a> for two additional towers. The projects are set to be completed within 24 to 33 months after construction begins.<\/p>\n

About The Avenues Riyadh:<\/strong> The mixed-use SAR 17.2 bn megaproject will span an area of 390k sqm with a total built-up area of 1.9 mn sqm, featuring residential towers, hotels, entertainment, retail venues, 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 1Q 2026. The project stood at a 44.5% completion rate as of August 2024<\/a>.<\/p>\n

\n

\n

#2- <\/strong>The Nation<\/strong>al Housing Company (NHC) launched a new residential project, dubbed <\/strong>Rawasi<\/strong>, within the 3.7 mn sqm Jeddah Heights project in Jeddah, state news agency SPA<\/a> reports. The development spans 897k sqm and features nearly 1.5k residential units, including around 1.2k villas and 298 townhouses, with prices starting at SAR 916k.<\/p>\n

\n

TECH-<\/p>\n

Riyadh is<\/strong> getting a new 55k sqm data center:<\/strong> The Saudi Authority for Industrial Cities and Technology Zones (Modon) inked a land lease agreement with local digital infrastructure developer DataVolt<\/a> to develop a 55k sqm AI-ready data center in Riyadh\u2019s First Technology Park, according to a statement<\/a> released on Thursday. <\/p>\n

REMEMBER-<\/strong> DataVolt had inked a SAR 2.5 bn agreement<\/a> with Modon during Leap 2025 earlier this month to establish the data center. The facility will leverage eco-friendly designs and advanced cooling to promote sustainability.<\/p>\n

\n

CURRENCY-<\/p>\n

The SA<\/strong>R g<\/strong>ets an official currency symbol: <\/strong>King Salman bin Abdulaziz Al Saud approved the official symbol<\/a> for the SAR, Umm Al Qura<\/a> reports. The symbol will be gradually implemented in financial transactions and applications as part of efforts to highlight the growing profile of the currency in global finance, Governor of the Saudi Central Bank Ayman Al Sayari noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: The SAR gets an official currency symbol<\/p>\n","protected":false},"author":1,"featured_media":94683,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[54,10,2654,1887,40,344,4044],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-jeddah","tag-national-housing-company-nhc","tag-national-water-company","tag-regulation-watch","tag-saudi-central-bank-sama-2","wpautop","entry"],"acf":{"mongo_id":"deb2b8e5-c008-40e5-ad57-b26ee069ec55","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/2195.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mabanee\u2019s Saudi arm sign SAR 1.1 bn contracts for five towers in The Avenues Riyadh","related_issue":[94664],"teaser":"PLUS: The SAR gets an official currency symbol","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.6dd2ed1e-cdea-4702-a3b8-4f36adcc44c5.mp3"},"yoast_head":"\nMabanee\u2019s Saudi arm sign SAR 1.1 bn contracts for five towers in The Avenues Riyadh - 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