‎Kuwait’s Mabanee awards construction tender of Avenues – Khobar (phase 1) worth SAR 3.7 bln

‎Kuwait’s Mabanee awards construction tender of Avenues – Khobar (phase 1) worth SAR 3.7 bln

Kuwait’s Mabanee Co. announced that the tender for the main contractor for the construction works for the Avenues – Khobar (phase 1) "Mall and tower 2, mixed use" has been awarded to the consortium of Al Ahmadiah Contracting Co. (Kuwait) and Al Kifah Contracting Co. (Saudi Arabia), with a total value of SAR 3.7 billion.

According to a statement on Boursa Kuwait, the 36-month project spans over a land area of 197,700 square meters, with a gross leasable area of more than 168,000 sqm.

There is no a significant impact on the financial position, Mabanee noted.

In November 2021, Mabanee’s Shomoul Holding Co. and HSSG Foundation Contracting LLC signed a contract for excavation and shoring of the land for the Avenues – Khobar project valued at SAR 67.16 million, according to data compiled by Argaam.

The Avenues – Khobar project includes a commercial complex, entertainment spaces, and towers that include hotels, apartments, offices, medical facilities, and halls for events and exhibitions.