Mabanee’s Subsidiary Secures SAR 4.35 billion Financing Facilities for Avenues Khobar

Mabanee’s Subsidiary Secures SAR 4.35 billion Financing Facilities for Avenues Khobar

Kuwait’s Mabanee Company announced in a statement that it’s Subsidiary in Saudi Arabia signs fianancing facilies for The Avenues Khobar project. The Company stated that ...

The post Mabanee’s Subsidiary Secures SAR 4.35 billion Financing Facilities for Avenues Khobar appeared first on SaudiGulf Projects.Kuwait’s Mabanee Company announced in a statement that it’s Subsidiary in Saudi Arabia signs fianancing facilies for The Avenues Khobar project.

The Company stated that it has secured Islamic facility of SAR 4.35 billion from a consortium of banks for a period of 12 years.

The mixed-use project, covering an area of 197,670 square meters (sqm) in the Eastern Province, will offer a gross leasable area of more than 168,000 sqm.

In August, Mabanee awarded the main contractor tender for the construction of phase 1 of The Avenues Khobar project, comprising the commercial center and mixed-use tower 2, to a consortium of Kuwait-based Al Ahmadiah Contracting & Trading Co. and Saudi-based AlKifah Contracting Co., at a total value of SAR 3.7 billion. The project implementation period is 36 months. (read more)

The post Mabanee’s Subsidiary Secures SAR 4.35 billion Financing Facilities for Avenues Khobar appeared first on SaudiGulf Projects. Mabanee’s Subsidiary Secures SAR 4.35 billion Financing Facilities for Avenues Khobar