Kuwait's Mabanee signs SAR 67.16 mln contract for The Avenues-Khobar

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Kuwait-based Mabanee Co. signed a contract for land drilling and support for The Avenues-Khobar project with HSSG Foundation Contracting, at a total value of SAR 67.16 million.

In a statement to Boursa Kuwait, Mabanee said that the contract is for an area of 197,000 square meters (sqm), expecting the drilling works to be completed in 12 months.

The Avenues-Khobar features a commercial complex, entertainment spaces, as well as towers that include hotels, apartments, offices, clinics and events halls, according to Argaam's data.

Mabanee’s Chief Executive Officer (CEO) Khalid Al-Sharian had earlier said he expects The Avenues-Riyadh and The Avenues-Khobar projects to be inaugurated in four years.