Kuwait’s leading real estate developer Mabanee has upsized an existing loan, apart from securing new financing totalling 5.83 billion Saudi riyals (USD 1.6 billion) for its mega project “The Avenues – Riyadh” in Saudi Arabia.
The developer said in a bourse disclosure that together with partner Shomoul Commercial Mall Company (a subsidiary of Mabanee), it has signed an amendment and upsizing to the existing financing agreement for The Avenues Mall Riyadh by SAR 2.38 billion (USD 635 million). Additionally, a new financing facility of SAR 3.45 billion (USD 920 million) was secured for The Avenues Riyadh Towers.
Combined with the earlier facilities, the total debt facility for “The Avenues – Riyadh” now amounts to SAR 11.44 billion (USD 3.04 billion). The new financing supports Mabanee’s strategic plan to continue developing “The Avenues Riyadh Mall” and “The Avenues Riyadh Towers,” which will comprise three hotel towers, an office tower, and a residential tower.
Located in North Riyadh City, The Avenues – Riyadh extends across an area of 390,000 square metres (sqm) and will have 1,870,000 sqm of built-up area and 370,000 sqm of leasable area. In August 2025, AECOM was appointed the Project Management Consultant (PMC) and engineer for Phase II of the project following the successful delivery of Phase I, as per the reports. AECOM will utilise advanced digital project management tools, data-driven dashboards, and lean construction approaches to optimise project tracking and enhance stakeholder communications.
According to Mabanee’s website, the project is scheduled to open in the fourth quarter of 2026.
“Once completed, the Avenues will become the Middle East’s largest commercial mall with a gross land area of 370,000 square metres. Furthermore, it will include luxury and lifestyle hotels, residential apartments, and offices. It also aims to include a parking lot that can accommodate more than 14,000 vehicles at a time,” reported Construction Review back in March 2025.
Image Credits: Mabanee