Mabanee Signs $301m Contracts for Riyadh Avenues Phase 2

Kuwaiti real estate developer Mabanee Company has announced that its Saudi subsidiary has signed two major contracts totaling 1.13 billion Saudi riyals ($301.3 million) for the construction of the second phase of The Avenues - Riyadh. The contracts are part of the significant development of The Avenues, a mixed-purpose project intended to open in early 2026. The development envelops an area of 390,000 square meters with a built-up territory of 1,870,000 square meters. The first contract, worth 656 million Saudi riyals, was awarded to Alghanim International Al Saudia for the erection of three towers. The second, valued at 475 million Saudi riyals, went to Al Ahmadiah Contracting and Trading Company for constructing two towers. The expected completion timeline for these structures ranges from 24 to 33 months from the start date.