Logo ofMabanee Co.
Kuwait’s real estate developer, Mabanee Co., together with its partners in Shomoul Commercial Mall Co. L.LC, a subsidiary, signed an amendment and upsizing to the existing financing agreement for The Avenues Mall Riyadh by SAR 2.38 billion (about KWD 194.27 million) and securing a new financing for The Avenues Riyadh Towers at a value of SAR 3.45 billion (approximately 281.41 million). 
In a statement to Boursa Kuwait the company said that, following this amendment, the total combined debt facility now amounts to SAR 11.44 billion (approximately KWD 931.89 million) with a door-to-door of 14.25 years (equivalent to 171 months).
The company also highlighted that this financing is part of its strategic plan to continue developing The Avenues Mall Riyadh and The Avenues Riyadh Towers, which include three hotels, an office tower, and a residential.
According to data available with Argaam, the foundation stone for The Avenues-Riyadh was laid in February 2022, covering an area of 1.8 million square meters, with total investments exceeding SAR 14 billion.
Mabanee’s Chief Operating Officer (COO), Waleed Al Fahad, stated last January that 65% of the project has been completed. The shopping mall is set to open in late 2026, while the remaining components—including three hotels, a residential tower, and a service tower—will be launched a year later.
Logo ofMabanee Co.
Kuwait’s real estate developer, Mabanee Co., together with its partners in Shomoul Commercial Mall Co. L.LC, a subsidiary, signed an amendment and upsizing to the existing financing agreement for The Avenues Mall Riyadh by SAR 2.38 billion (about KWD 194.27 million) and securing a new financing for The Avenues Riyadh Towers at a value of SAR 3.45 billion (approximately 281.41 million).
In a statement to Boursa Kuwait the company said that, following this amendment, the total combined debt facility now amounts to SAR 11.44 billion (approximately KWD 931.89 million) with a door-to-door of 14.25 years (equivalent to 171 months).
The company also highlighted that this financing is part of its strategic plan to continue developing The Avenues Mall Riyadh and The Avenues Riyadh Towers, which include three hotels, an office tower, and a residential.
According to data available with Argaam, the foundation stone for The Avenues-Riyadh was laid in February 2022, covering an area of 1.8 million square meters, with total investments exceeding SAR 14 billion.
Mabanee’s Chief Operating Officer (COO), Waleed Al Fahad, stated last January that 65% of the project has been completed. The shopping mall is set to open in late 2026, while the remaining components—including three hotels, a residential tower, and a service tower—will be launched a year later.
