RIYADH: Real estate firm Shomoul has secured a $1.16 billion deal with a consortium of banks to develop a mixed-purpose project in AlKhobar. 

The company, a subsidary of Kuwait-based real estate company Mabanee, will fund the “The Avenues Khobar” with an Islamic financial facility agreement with a term of 12 years.

Covering an expanse of 197,673 sq. meters, the initiative will feature commercial facilities, dedicated entertainment spaces, and hotels, as well as residential apartments, offices, medical clinics, and exhibition halls.

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