Bahrain – Kuwait’s leading development company Mabany has announced that one of its main subsidiaries in Bahrain has reached an agreement to purchase 9,554 square meters of vacant land in Bahrain Bay for KD5 million ($16.1 million).
The company said in a filing to Bursa Kuwait that this is in line with its plans for further investment and development.
It added that the significant impact of this transaction on the company’s financial position is an increase in total assets.
TradeArabia reported last year that The Avenues Company, a wholly-owned subsidiary of Al-Sorouh Management Company, has appointed Nass Group as the main contractor for the construction of The Avenues – Bahrain Phase II expansion project, which will add an additional 30,000 square meters of leased space. was. Space and new districts.
This expansion project will further extend The Avenue – Bahrain along the west side of Manama’s seafront.
The expansion will add 41,200 square meters of leasable space, including 244 units, two entertainment areas, an ice rink, a supermarket and underground parking, bringing the total leasable area in both phases to approximately 80,000 square meters.
The project is currently underway and is expected to be completed by the first quarter of 2024.
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