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Mabanee to build retail and residential complex in Riyadh

Saudi Arabia - November 12, 2015

Kuwait developer Mabanee was shown the green light for building a $1.9 billion retail, residential, and commercial complex in Riyadh, the capital of Saudi Arabia.

The company Shumoul Holding, 55% owned by Mabanee, will work on the project which sprawls on a total space of 1,700,000 square meters starting from the next month.

The project, scheduled to launch in 2019, will feature a shopping mall, in addition to a myriad of residential and office spaces.

The project financing process hasn’t yet been revealed by Mabanee, however, the company’s annual report in 2014 revealed costs of $349 million for buying a land on The Avenues Riyadh.

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