Saudi developer awards $397m construction deals

Jabal Omar Development Co awards contracts for second phase of major Makkah project
Holy Kaaba, Mecca, Saudi Arabia, Hajj, Sharia, Sharia compliance, sukuk, Islamic finance
By Andy Sambidge
Sun 25 Mar 2012 07:42 PM

Jabal Omar Development Co, a Saudi Arabian developer, said on Sunday it has awarded construction contracts valued at SR1.49bn ($397m) to two local companies for the second phase of its Jabal Omar project.

The contracts awarded to Saudi Arabian Baytur Construction Co and Azmeel Contracting & Construction Corp include building four hotel towers, the company said in a statement to the Saudi bourse.

The duration of the works is 24 months, Bloomberg said, citing the statement.

A forest of high-rise buildings just next to the Grand Mosque is emerging, built by Saudi developer Jabal Omar and costing more than $5.5bn, where Hilton and others will open 26 new hotels and add 13,000 more rooms.

In December, developer Jabal Omar signed a loan agreement for SR3bn ($800m) with the finance ministry to complete some of its projects in Makkah.

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