According to a company disclosure on the Kuwait Stock Exchange, Kuwaiti real estate developer Mabanee has agreed with a local bank to increase its credit facility from 25 million dinars ($81.5 million) to 45 million dinars ($146.7 million).
The agreement was signed with a local bank for 11 months. Mabanee stated that the purpose of this facility is to fund the company’s operations.
Mabanee broke ground in December on its $1 billion project, The Avenues Khobar Mall, in Saudi Arabia’s Eastern Khobar city. The project’s first phase will include a shopping mall and a mixed-use tower, with completion scheduled for 2026.
Last October, the Kuwaiti developer announced a deal to purchase a vacant plot in Bahrain Bay for $16.1 million through one of its subsidiaries.