Kuwait’s Mabanee will sign an agreement of more than USD 1.33 bn with a consortium of Saudi, United Arab Emirates, and Kuwaiti banks to finance the development of The Avenues Riyadh shopping mall in Saudi Arabia, according to Chief Executive Waleed Alsharian.
The shopping mall will cost USD 3.5 bn, 60% of which will come from bank debt.
The project extends across 390,000 square meter, overlooking King Salman Road and King Fahad Road.
Beside being one of the largest malls in the region, it will also comprise a number of towers, including two hotels, residential apartments, offices, and parking for 18,000 vehicles.
The Avenues Riyadh will promote the Kingdom as a touristic destination and contribute to the national economy through offering 40,000 job opportunities.
Construction of the mall’s first phase will start in the last quarter of this year.