Mabanee to obtain SAR1.3bn-worth of financing to develop The Avenues Riyadh
Mabanee is set to sign SAR5bn-worth (USD1.3bn) of financing from banks to develop The Avenues Riyadh shopping mall, according to Waleed Alsharian, company’s CEO, who added that the agreement is with a consortium of Saudi, UAE and Kuwaiti banks. Construction of the first phase of the mall will start in 4Q18. The project will cost USD3.5bn, of which 60% is expected to be financed by bank debt.
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