Written by Lisa Murimi
Kuwaiti developer Mabanee has awarded a SR3.66 billion ($985 million) construction contract to a joint venture of Saudi’s AlKifah Contracting Company and Kuwait’s Al Ahmadiah Contracting for Phase One of The Avenues Khobar, a premium mixed-use project in Saudi Arabia.
This project, sprawling over 197,673m2 in the Eastern Province, includes a commercial complex, entertainment areas, hotels, residential apartments, offices, medical facilities, and versatile event halls.
The joint venture is tasked with completing a shopping mall and mixed-use towers within three years, as outlined in the contract.
The development’s design is set to reflect the Eastern Province’s character while prioritizing environmental preservation, energy efficiency, and sustainability in line with Saudi Arabia’s vision.
The Avenues Khobar, boasting a gross leasable area of over 168,000m2, is anticipated to open its doors by 2025.
The project signals a significant step in advancing the Kingdom’s urban landscape and underscores the collaboration between two prominent contracting entities to bring this expansive mixed-use venture to fruition.
