Skip to content Skip to Search
Skip navigation

Contract awarded for work on Avenues Khobar project

Kuwaiti developer Mabanee's Avenues Khobar project has a gross leasable area of more than 165,000 square metres Shomol Holding
Kuwaiti developer Mabanee's Avenues Khobar project has a gross leasable area of more than 165,000 square metres

Kuwaiti developer Mabanee has awarded a construction contract worth SAR3.66 billion ($976 million) for the first phase of The Avenues Khobar, a mixed-use project in Saudi Arabia.

The contract was won by a joint venture between Saudi’s AlKifah Contracting Company and Kuwait’s Al Ahmadiah Contracting and the work will be completed in three years, Mabanee said in a statement published on the Boursa Kuwait.

The mixed-use project, covering an area of 197,673 square metres in the Eastern Province, includes a commercial complex, entertainment spaces, towers including hotels, residential apartments, offices, medical facilities and multi-purpose halls.

The Avenues Khobar has a gross leasable area of more than 168,000 sq m.

The project is being developed by Shomoul Holding, a joint venture between Saudi Al Fozan Holding Company and Mabanee.

A combined $110 billion worth of construction contracts are expected to be awarded in the GCC this year, according to Middle East data provider Meed Projects’ 2023 outlook. Saudi Arabia will account for more than half of the total.

The Royal Institution of Chartered Surveyors in May named Saudi Arabia as one of the world’s most active markets during Q1 2023, with 12-month workload expectations remaining “very strong” and profit margin forecasts “positive”. 

Latest articles

2KEY8G1 Emirates Airline Airbus A380 aircraft landing. Aerial view of Emirates Airlines A380-800 airplane. An Emirates plane coming in to land at LAX; a spokesperson for Emirates said the contraventions were for safety reasons

US fines Emirates for operating in prohibited airspace

Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […]

Egypt will use the US funding across a range of sectors including agriculture

US allocates $130m development funding to Egypt

The US has allocated funding of $130 million for a range of developmental projects in Egypt, it was announced on Thursday. In a press release published by the US Embassy in Cairo, ambassador Herro Mustafa Garg said that the money would go towards “advancing Egyptian efforts to achieve a brighter, healthier, and more prosperous future […]

Hollywood actor Leonardo DiCaprio. A US VC fund backed by him plans to invest $50m in Mena climate tech startups

US firm to invest $50m in Mena climate tech

A US venture capital firm backed by Hollywood actor Leonardo DiCaprio plans to invest $50 million in Mena climate tech startups over the next five years. Princeville Capital is targeting mature startups with strong growth potential, facilitating quick exits and a clear path to profitability, its co-founder Joaquin Rodriguez Torres told AGBI. The firm has […]

Adult, Female, Person

Private jets to flamingos: the personal shopping lists of the super rich

The luxury e-commerce retailer Pastor & Co, which boasts it can supply clients with everything from Picasso paintings to swans, is aiming to pass $10 million in profits this year, buoyed by strong interest from the rich and famous across the Mena region. The personalised shopping service gets requests to source anything from a rare Fendi […]