Mabanee Secures $1.6B to Accelerate The Avenues – Riyadh
Kuwait City - Nov. 9, 2025. Mabanee Company has expanded financing for The Avenues – Riyadh, securing $1.6 billion (SAR 5.83 billion) to fast-track the landmark mixed-use project in Saudi Arabia’s capital ahead of its Q4 2026 opening.
Shomoul Commercial Mall Company
The Kuwait-based developer and its subsidiary Shomoul Commercial Mall Company signed:
With these facilities, total debt financing for The Avenues – Riyadh rises to $3.04 billion (SAR 11.44 billion), structured over 171 months (14.25 years).
A Flagship Mixed-Use Destination
Located in North Riyadh City, the development spans 390,000 m² of land with a 1.87 million m² built-up area and 370,000 m² of leasable space. The masterplan integrates retail, entertainment, hospitality, offices and residences into a single destination, aligning with Saudi Vision 2030 goals for tourism and economic diversification.
Partners and Progress
The project is led by Shomoul Holding, a joint venture of Mabanee, Saudi Arabia’s Al Fozan Group, and Kuwait’s Alshaya Group. In August 2025, AECOM was appointed Project Management Consultant (PMC) and engineering partner for Phase II, following the completion of Phase I. Previous estimates place the total development value at $4.6 billion (SAR 17.2 billion).
What’s Next
Construction funded by the new loans will focus on the hotel, office and residential towers, with the overall destination slated to open late 2026, setting a new benchmark for luxury retail and urban lifestyle in Riyadh.
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