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Wed 26 Nov 2014 02:56 PM

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Kuwait's Mabanee to invest $910m in mall extension

Real estate firm announces plan for fourth phase of its The Avenues mall development

Kuwait's Mabanee to invest $910m in mall extension
The Avenues shopping mall, Kuwait.

Kuwaiti real estate firm Mabanee said on Wednesday it would spend 265 million dinars ($910 million) on building the fourth phase of its The Avenues mall development.

The total project cost, including the fourth phase, stands at 610 million dinars, Mohamed Abdelaziz Al Shayee, chairman of Mabanee, said in a statement.

The company did not give details on how the scheme would be funded.

In a separate bourse filing, Mabanee said its subsidiary, Al Rai Real Estate Company, has signed a three-year construction contract with Al Ahmadiya General Trading and Contracting Co worth 114 million dinars to build the fourth phase.

Opened in 2007, The Avenues is the largest shopping mall in Kuwait and currently has over 800 stores, according to its website.

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