Kuwait’s Mabanee awards SAR 3.7 bln construction tender for phase 1 of The Avenues Khobar

Logo of Kuwait’s Mabanee Co.

Kuwait-based Mabanee Co. 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.

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

There is no significant impact on the financial position as a result of the deal, Mabanee noted.

In November 2021, Mabanee’s Shomoul Holding Co. and HSSG Foundation Contracting LLC signed a contract for the 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 encompasses a commercial complex, entertainment spaces, and towers that include hotels, apartments, offices, medical facilities, and halls for events and exhibitions.