Mabanee to lay The Avenues-Riyadh foundation stone today

Logo of Mabanee Co.

Mabanee Co.’s 60%-owned subsidiary, Shomoul Holding Co., will lay the foundation stone for the construction of The Avenues-Riyadh project today, Feb. 6, according a statement to Boursa Kuwait.

In April 2021, Kuwait-based Mabanee’s board of directors approved the decision to resume work at The Avenues-Riyadh, data compiled by Argaam showed.

In August 2020, Mabanee announced the re-evaluation of The Avenues-Riyadh project in light of the current economic circumstances and the COVID-19 crisis, according to data compiled by Argaam.

Al-Khobar-based Shomoul Holding is a limited liability firm, established in 2014, as a joint venture between Mabanee Co., Al-Fozan Holding Group Saudi Arabia, and Alshaya Group Kuwait.

The Avenues-Riyadh is a mega mall, which houses more than 1,300 stores and consists of diverse districts designed with different themes that bring several cities into one.