Saudi bank signs $690m financing deal for construction of Avenues-Riyadh mall – ArabianBusiness

Saudi bank signs $690m financing deal for construction of Avenues-Riyadh mall – ArabianBusiness

Saudi British Bank (SABB) has signed a SR2.6 billion ($690 million) financing agreement with Nesma & Partners Contracting Company for the construction of The Avenues-Riyadh shopping mall.

Under the terms of the agreement, SABB will provide Nesma & Partners with project financing for three and a half years to support the cash flow for the construction of the mall, which will be located at the intersection of King Fahd Road and King Salman Road in Riyadh.

Owned by Shumoul Holding, the project’s overall size is 390,000 sq m at a cost of SR6.4 billion and will include more than 1,300 stores.