March 26, 2018 / 10:08 AM / a month ago

Kuwait's Mabanee to secure $1.3 bln financing for Riyadh mall

KUWAIT, March 26 (Reuters) - Kuwait’s Mabanee is set to sign more than 5 billion Saudi riyals ($1.33 billion) worth of financing from banks to develop The Avenues Riyadh shopping mall, Chief Executive Waleed Alsharian said on Monday.

The agreement is with a consortium of Saudi, United Arab Emirates, and Kuwaiti banks, he told reporters after a shareholder meeting.

Construction of the first phase of The Avenues Riyadh will start in the last quarter of this year, he said.

The project will cost $3.5 billion, and 60 percent of the financing will come from bank debt.

$1 = 3.7500 riyals Reporting by Ahmed Hagagy, writing by Hadeel Al Sayegh

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