Mabanee Secures $1.6B Financing Boost for The Avenues Riyadh Project

Kuwait City, Kuwait: Kuwait-based developer Mabanee Company has expanded its financial commitments to The Avenues – Riyadh, securing an additional $1.6 billion (SAR 5.83 billion) through an upsized loan and new financing facilities to accelerate progress on the landmark mixed-use development in Saudi Arabia’s capital.

In a statement to the Kuwait stock exchange, Mabanee confirmed that together with its subsidiary, Shomoul Commercial Mall Company, it has signed an amendment and upsizing agreement worth $635 million (SAR 2.38 billion) to the existing financing facility for The Avenues Mall Riyadh.

In parallel, the developer has also secured a new loan of $920 million (SAR 3.45 billion) to fund The Avenues Riyadh Towers, which will feature three hotel towers, an office tower, and a residential tower.

With these new facilities, the total debt financing for The Avenues – Riyadh now stands at $3.04 billion (SAR 11.44 billion), structured over a 14.25-year (171-month) term.

Expanding Riyadh’s Retail and Hospitality Landscape

The Avenues – Riyadh represents one of the largest mixed-use urban developments in Saudi Arabia, located in North Riyadh City. The project spans 390,000 square meters of land, with a total built-up area of 1.87 million square meters and 370,000 square meters of leasable space.

The development’s design integrates retail, entertainment, residential, office, and hospitality elements within one cohesive masterplan, positioning it as a flagship destination for both residents and tourists.

According to Mabanee, the new financing aligns with the company’s long-term strategic plan to strengthen its regional footprint and deliver high-impact real estate projects that support Saudi Arabia’s Vision 2030 goals for economic diversification and tourism growth.

Joint Venture and Project Milestones

Shomoul Holding, the joint venture overseeing the project, brings together Mabanee, Saudi-based Al Fozan Group, and Kuwait’s Alshaya Group—three of the region’s most prominent business entities.

Earlier this year, in August 2025, global infrastructure firm AECOM was appointed as Project Management Consultant (PMC) and engineering partner for Phase II of the project, following the successful completion of Phase I.

Previous reports have estimated the total development value at $4.6 billion (SAR 17.2 billion), underscoring the scale and ambition of the project.

Opening in Late 2026

The Avenues – Riyadh is slated to open in the fourth quarter of 2026, introducing a new benchmark in luxury retail, lifestyle, and urban development within Saudi Arabia.