Kuwait’s Mabanee Says To Spend $910m On Mall Extension

Kuwaiti real estate firm Mabanee said on Wednesday it would spend KD265 million ($910 million) on building the fourth phase of its The Avenues mall development.

The total project cost, including the fourth phase, stands at KD610 million, Mohamed Abdelaziz al-Shayee, chairman of Mabanee, said in a statement.

The company did not give details on how the scheme would be funded.

In a separate bourse filing, Mabanee said its subsidiary, Al Rai Real Estate Company, has signed a three-year construction contract with Al Ahmadiya General Trading and Contracting Co worth 114 million dinars to build the fourth phase.

Opened in 2007, The Avenues is the largest shopping mall in Kuwait and currently has over 800 stores, according to its website.