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Tue 10 Nov 2015 02:00 PM

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Kuwait's Mabanee gets nod for $1.9bn Riyadh shopping complex

Saudi subsidiary of developer says it will begin work on 1.7m sq m project in the next few months

Kuwait's Mabanee gets nod for $1.9bn Riyadh shopping complex
(Photo for illustrative purposes only)

A subsidiary of Kuwaiti developer Mabanee has received approval to build a 7 billion riyal ($1.9 billion) retail, residential and commercial complex in Saudi Arabia's capital Riyadh, the parent firm said on Tuesday.

Shumoul Holding Co, 55-percent owned by Mabanee, will begin work on the 1.7 million-square-metre project in the next few months, according to a statement to the Kuwait stock exchange.

The Avenues Riyadh will include a shopping mall, plus residential and office units and has now been approved by the city's authorities, the statement said.

Mabanee expects the project to be completed in 2019, but did not say how it would be funded.

However, its 2014 annual report states it incurred costs of 106 million Kuwaiti dinars ($349 million) that year to buy the land for The Avenues Riyadh and conduct some work on the scheme.

Mabanee has interests in real estate, construction and investments.

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