A subsidiary Kuwait developer Mabanee has received approvial to build a $1.9bn (SAR7bn) retail, residential and commercial complex in Saudi Arabia's capital Riyadh.

Shumoul Holding Co, 55% owned by Mabanee, will being work on the 1,700,000 sqm project in the next few months, according to a statement to the Kuwait stock exchange. 

The Avenues Riyadh, which is scheduled for completion in 2019, will feature a shopping mall, plus residential and office units. 

Mabanee has not yet diclosed how the project will be funded.

However, its 2014 annual report revealed the company incurred costs of $349m (KWD106m) to buy land and conduct some work on The Avenues Riyadh.