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)