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Kuwait-based developer Mabanee Company, which had set up a joint venture with Sharjah Investment & Development Authority (Shurooq) to develop a mall in the UAE emirate, said on Monday the JV will be terminated and the project cancelled.
In a filing on the Kuwait bourse, Mabanee which is a 65% shareholder in Mabanee Shurooq Co. LLC, said it will proceed with the liquidation and dissolution as well as cancel the ‘The Avenues Sharjah’ mall project.
The project, which was slated for completion by the first quarter of 2024, had an estimated cost around $120 million, according to Zawya Projects.
PROJECTS: Design work for new UAE mall in advanced stage (zawya.com)
Mabanee currently operates ‘The Avenues’ branded malls in Kuwait and Bahrain and is building ‘The Avenues-Riyadh’ in Saudi Arabia. It did not indicate if the Riyadh project would be affected.
(Reporting by Brinda Darasha; editing by Seban Scaria)