A consortium of Kuwaiti and Saudi companies been awarded a project to build a shopping mall and houses in Saudi Arabia worth around 3.66 billion Saudi riyals ($1 billion).

In a disclosure statement on the Kuwaiti Bourse on Sunday, Mabanee said ‘The Avenues of Al-Khobar’ in Eastern Province was awarded to Kuwait’s Al-Ahmadiah Contracting Company and Saudi’s Al-Kifah Contracting Company.

The contract was awarded by Shomoul Holding, a joint venture between Mabanee, fellow-Kuwaiti company Alshaya Group and Saudi-based Al Fozan Group.

The bourse statement said the contract involves Phase 1 of the project, including a shopping mall and a mixed-use tower, adding that it would be completed within 36 months.

The Avenues Al Khobar, spread over an area of around 197,673 square metres, will include commercial and entertainment areas, residential apartments, hotels, offices, and medical facilities with gross leasable area of 168,532 sqm, according to Shomoul Holding’s website.

(Reporting by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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