Mabanee Agrees to Contract of $84 Million Mixed-Use Project in Kuwait
Mabanee signed a deal for a $84 million mixed-use project in Kuwait
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Kuwait-based real-estate developer Mabanee Company has signed a deal with the Public Authority for Housing Welfare (PAHW) for the Sabah Al Ahmad Project (S3), which is a mixed-use project of 40,121 m²/area in Kuwait City.
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According to the public-private partnership agreement (PPA), Mabanee will supply the design and build services as well as the funding and operation for S3, which will cost KD26 million ($84.6 million).
S3 will be mixed-use so it will provide retail, entertainment and hospitality facilities. The project will include a mall, a hotel, and a theme of an old Kuwait Souq.
Mabanee shared that the project is scheduled to be completed in 3 years and its operations will run for 32 years.