Latest news with #SAR17.2
Trade Arabia
24-02-2025
- Business
- Trade Arabia
Mabanee awards $301m The Avenues Riyadh tower contracts
Kuwait-based real estate development company Mabanee has announced that its Saudi subsidiary has awarded contracts worth SAR1.13 billion ($301 million) for the construction of five towers within the second phase of its key mixed-use destination - The Avenues Riyadh. The SAR17.2 billion Avenues – Riyadh is a mega multi-purpose development with a built-up area of 1.8 million sq m in the north of Riyadh. The first contract worth SAR656 million has been awarded to Alghanim International Al Saudia for the construction of three towers and the second to Al Ahmadiah Contracting & Trading Company for the construction of two towers for SAR475 million, said Mabanee in its filing to Boursa Kuwait. The entire work is expected to be completed within a period ranging from 24 to 33 months from the commencement date. On the financial impact of these contracts, Mabanee said it is expected to be reflected in the company's financial statements based on the project execution schedule. The Avenues – Riyadh extends across an area of 390,000 sq m. The development will house a plethora of hospitality, lifestyle, and entertainment venues, including three hotel towers, namely a Waldorf Astoria, Canopy by Hilton, and Conrad Hotel, a residential tower and an office tower with a parking lot accommodating more than 14,000 vehicles.
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) (
