Kuwait’s Mabanee upsizes The Avenues Riyadh funding to SAR 11.4B

Logo of Mabanee Co.

Kuwaiti real estate developer, Mabanee Co., announced upsizing an existing financing agreement for The Avenues Mall Riyadh by SAR 2.38 billion (about KWD 194.27 million) and securing a new loan worth SAR 3.45 billion (approximately KWD 281.41 million) for The Avenues Riyadh Towers — both are part of its mega-project, The Avenues - Riyadh.

In a statement to Boursa Kuwait, the company said the upsizing agreement was signed together with partner Shomoul Commercial Mall Co., a subsidiary, for The Avenues Mall Riyadh.

Combined with the earlier facilities, the total debt facility for The Avenues - Riyadh now reached SAR 11.44 billion ($3.04 billion), with a door-to-door of 14.25 years (or 171 months).

The new financing, according to Mabanee, is part of its strategic plan to continue developing The Avenues Mall Riyadh and The Avenues Riyadh Towers, which will encompass three hotel towers, an office tower, and a residential tower.

According to data available with Argaam, the foundation stone for The Avenues - Riyadh was laid in February 2022, covering a built-up area of 1.8 million square meters, with investments exceeding SAR 14 billion.

Last January, Mabanee’s COO Waleed Al Fahad confirmed the completion of 65% of the project. The shopping mall is set to open in late 2026, while the remaining components are slated for inauguration a year later.