Contract details and total value
Kuwait Mabanee Company, through its subsidiary in the Kingdom of Saudi Arabia, announced the signing of two new contracts with a total value of 1.131 billion Saudi riyals (equivalent to approximately 301.56 million US dollars).
These contracts aim to implement construction works for 5 towers within the second phase of the Avenues Riyadh project.
Details of the first contract
The first contract was signed with Alghanim International Company of Saudi Arabia, and includes the implementation of construction works for 3 towers worth 656 million Saudi riyals (approximately 175 million US dollars). These towers will be part of the comprehensive development of the project.
Details of the second contract
As for the second contract, it was signed with Al-Ahmadiah Trading and Contracting Company (Saudi Branch), and includes the implementation of construction works for two towers worth 475 million Saudi riyals (about 126.6 million US dollars).
Delivery schedule
The towers are expected to be fully delivered within a period ranging between 24 and 33 months from the start date.
The Avenues Riyadh Project: A Global Destination for Shopping and Entertainment
Project Overview
The Avenues Riyadh Project is one of the largest entertainment and commercial projects in the Kingdom of Saudi Arabia, and comes as part of efforts to transform Riyadh into a global center of attraction for tourism and shopping.
The project is located at the intersection of King Salman Road and King Fahd Road, in a strategic location in the heart of the capital, Riyadh.
Project Area and Facilities
The total area of the project is more than 242,000 square meters, according to data issued by the developers. The project includes multiple facilities including:
Luxury shopping centers with an area of up to 135,000 square meters.
Entertainment areas including cinemas and indoor amusement parks.
International hotels and luxury residential units.
High-quality office spaces.
Laying the foundation stone
The foundation stone for the Avenues Riyadh project was laid in February 2022, reflecting significant progress in implementing the first phases of the project.
This achievement confirms the developers’ commitment to a precise timetable for implementing the project according to the highest international standards.
The second phase of the project
The second phase of the project is an important step in the expansion of Avenues Riyadh, as it includes the construction of 5 new towers that include luxury residential units and offices.
These towers will meet the growing demand for residential and commercial spaces in the capital, Riyadh, which is witnessing unprecedented urban and economic growth.
Economic and social impact
The project is expected to contribute to strengthening the local economy by attracting foreign and local investments, and providing job opportunities for Saudi youth.
According to reports issued by the Saudi General Investment Authority, the project will provide thousands of direct and indirect job opportunities, supporting economic and social growth in the region.
Kuwait Mabanee Company has signed two contracts worth 1.131 billion riyals to build 5 towers within the #Avenues_Riyadh project, located at the intersection of King Salman Road and King Fahd Road in Riyadh. The project includes world-class shopping and entertainment facilities, and its foundation stone was laid in February 2022. The project is expected to contribute to strengthening the local economy and providing job opportunities for Saudi youth.
