Latest news with #MabaneeCompany
ME Construction
06-05-2025
- Business
- ME Construction
Kuwait's Aventura urban development project ahead of schedule says developer
Kuwait's Aventura (J3) urban development project's construction is progressing with its residential component 82% complete and a year ahead of schedule, its developers have said. Situated in the 12.5sqkm Jaber Al-Ahmad City on the outskirts of Kuwait City's capital area, the project aims to enhance Kuwait's residential, commercial, and leisure offerings. It is being developed by real estate developer and partner Mabanee Company under a public-private partnership (PPP) with the Public Authority for Housing Welfare (PAHW). Mabanee was selected as preferred investor to develop the project, alongside Kuwait-based regional architecture and engineering firm Pace. It includes a trio of interconnected elements – Aventura Mall, retail and entertainment hub. Aventura Residences are designed and furnished apartments catering to modern lifestyles and Townhouses, which introduces upscale, villa-inspired residences, addition to PAHW's portfolio. Pace's CEO Architect Tarek Shuaib said, 'Strategically positioned with its innovative design and impressive ahead-of-schedule construction, Aventura joins the major projects redefining Kuwait's urban identity and setting a new benchmark for modern, integrated living. Pace has designed Aventura with a keen focus on efficiency, sustainability and community integration. Its harmonious mix of residential, commercial, and leisure spaces is redefining city life, setting new standards for what a modern community should be. Every aspect of this project from the residential towers to the mall and public spaces has been carefully designed to foster a sense of belonging, sustainability, and architectural excellence. The collaboration between the public and private sectors has accelerated the project's progress while maintaining the highest standards of design and environmental responsibility.' 'Aventura is a testament to how cities can evolve when strategic vision and cutting-edge architecture come together. Aventura was on track to achieve LEED Gold certification, highlighting Pace's commitment to sustainable construction at every stage of development. We have incorporated advanced energy-efficient systems, water conservation technologies and environment-friendly materials. Thoughtfully designed green spaces, optimised natural lighting and state-of-the-art ventilation further contribute to an eco-conscious environment. This milestone aligns with Kuwait's broader vision for smart urban development and responsible city planning. Kuwait's construction sector is expanding, driven by new residential and city developments,' he added.
Zawya
23-02-2025
- Business
- Zawya
Kuwait's Mabanee unit signs $301m contracts for The Avenues
Kuwaiti real estate developer Mabanee Company said its Saudi subsidiary has signed two contracts for construction work on the second phase of The Avenues - Riyadh – at a total value of 1.13 billion Saudi riyals ($301.3 million). The first contract worth SAR 656 million was signed with Alghanim International Al Saudia for constructing three towers, the company said in a statement to the Kuwaiti stock exchange on Sunday. The second contract was signed with Al Ahmadiah Contracting and Trading Company to construct two towers valued at SAR 475 million. The towers are expected to be completed between 24 and 33 months from the commencement date, the statement added. The SAR17.2 billion The Avenues – Riyadh is expected to open in the first quarter of 2026. The mixed-purpose development covers an area of 390,000 sqm with a total built-up area of 1,870,000 sqm. (Writing by P Deol; Editing by Anoop Menon) (
