Kuwait’s Mabanee announces that, in the context of completing the development stages of The Avenues Riyadh project, Mabanee – together with its partners in Shomoul Commercial Mall Company L.LC (a subsidiary of Mabanee) has signed financing Agreements.
The company stated, financing agreement includes an amendment and upsizing to the existing financing agreement for The Avenues Mall Riyadh by SAR 2.38 billion (Approximately KD 194.27 million) and securing a new financing for The Avenues Riyadh Towers of SAR 3.45 billion (Approximately KD 281.41 million).
Following this amendment, the total combined debt facility now amounts to SAR 11.44 billion (Approximately KD 931.89 million) with a door-to-door of 14.25 years (Equivalent to 171 months).
This financing is part of the Company’s strategic plan to continue developing The Avenues Mall Riyadh and The Avenues Riyadh Towers, which include three hotels, an office tower, and a residential tower, company stated.
