Al-Mabani General Contractors Company Chairman Mohammad Al-Shaye said on Wednesday that its market value constitutes 32 percent of the capital in the national realty sector, estimated at KD 2.4 billion (USD 7.8 billion). Al-Shaye said in a statement following the company general assembly that investment in the Avenues shopping mall had contributed to lifting the assets to KD 3.2 billion till 31 December, 2016.
Fourth construction phase at the Avenues is underway. Once it has been completed the shopping center will the largest in Kuwait and one of the biggest ones in the Gulf. With completion, the total space will reach some 370,000 square meters, stretching for 1.5 kms and including some 1,200 stores, restaurants and cafes.
With the expansion, there will be 400 new stores and 5,000 parking places. On other projects, Al-Shaye noted the Avenues mall in Bahrain, another one in Al-Khobar, Saudi Arabia, as well as a third one in Riyadh.