Mabanee’s Saudi branch gets $300M contracts for The Avenues Riyadh Phase Two

Feb 24, 2025 at 7:08 AM

Mabanee’s Saudi branch gets $300M contracts for The Avenues Riyadh Phase Two

Kuwait’s Mabanee said that its Saudi branch has signed two contracts for about $300 million (KWD 92 million) to build the second phase of The Avenues Riyadh, according to a stock market filing on Sunday.

The Avenues Riyadh: Phase Two

Mabanee’s Saudi branch has signed two contracts for the second phase of The Avenues Riyadh, as announced on Boursa Kuwait.

The first contract is worth $171.8 million (KWD 53 million) and was given to Alghanim International Al Saudia to build three towers.
The second contract is worth $126.4 million (KWD 39 million) and was given to Al-Ahmadia Contracting & Trading Company to build two towers.

Mabanee said the whole project should be finished in 24 to 33 months. The company also mentioned that these contracts will affect its financial reports based on the project’s progress.

The Avenues Riyadh is a large development covering 390,000 square meters, with a total built-up area of 1,870,000 square meters. It is located in North Riyadh at the meeting point of King Salman Road and King Fahad Road. The project is expected to open in early 2026 and will be the biggest shopping mall in the Middle East. It will also have luxury hotels, apartments, and office spaces.

Key Number

$4.6 billion (SAR 17.2 billion) – The total estimated cost of The Avenues Riyadh project.

Saudi Real Estate Growth

Saudi Arabia’s Vision 2030 plan is helping the country grow its real estate and construction sector, reducing its dependence on oil and gas.

Since launching the National Transformation Plan in 2016, Saudi Arabia has started real estate and infrastructure projects worth $1.3 trillion. Between 2023 and 2024, the sector grew by 4% per year, according to a report by property consultancy Knight Frank.

However, the total value of completed projects dropped by $85 billion to $164 billion in 2024. Meanwhile, new projects in the pipeline reached $249 billion, according to the Saudi Giga Projects Report released in September.

Saudi Arabia’s $1.3 trillion real estate plan includes: