Kuwaiti real estate firm Mabanee said on Wednesday it would spend KD265 million ($910 million) on building the fourth phase of its The Avenues mall development.
The total project cost, including the fourth phase, stands at KD610 million ($2.09 billion), Mohamed Abdelaziz Al Shayee, chairman of Mabanee, said in a statement.The company did not give details on how the scheme would be funded.
In a separate bourse filing, Mabanee said its subsidiary, Al Rai Real Estate Company, has signed a three-year construction contract with Al Ahmadiya General Trading and Contracting Company worth KD114 million ($391 million) to build the fourth phase.
Opened in 2007, The Avenues is the largest shopping mall in Kuwait and currently has over 800 stores, according to its website.
Via – Reuters
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