RELATED ARTICLES: The AvenuesSSH provides valuable insight into Kuwait marketA wait in Kuwait

Kuwaiti real estate firm Mabanee said on Wednesday it would spend 265mn dinars ($910mn) on building the fourth phase of its The Avenues mall development.

The total project cost, including the fourth phase, stands at 610mn dinars ($2bn), Mohamed Abdelaziz al-Shayee, chairman of Mabanee, said in a statement.

The company did not give details on how the scheme would be funded.

In a separate bourse filing, Mabanee said its subsidiary, Al Rai Real Estate Company, has signed a three-year construction contract with Al Ahmadiya General Trading and Contracting Co worth 114mn dinars ($391) to build the fourth phase.

Opened in 2007, The Avenues is the largest shopping mall in Kuwait and currently has over 800 stores, according to its website.