Mabanee's subsidiary signs contracts for mixed-use project in Riyadh

Kuwaiti real estate developer Mabanee Company announced that its Saudi subsidiary has signed two contracts for construction work on the second phase of The Avenues - Riyadh, a mixed-use development, with a total value of USD 301 mln, according to a stock exchange filing.

The first contract was awarded to Alghanim International Al Saudia for the construction of three towers, while the second contract was signed with Al Ahmadiah Contracting and Trading Company for the construction of two towers.

The towers are expected to be completed within 24 to 33 months from the start of construction, the company stated.