A joint venture between a Saudi-based construction firm and a unit of Drake & Scull has been awarded a SR2.7bn ($720m) contract to build the next phase of a mega project in Makkah.
Arabian Construction Company and Drake & Scull Construction said in a statement that it has won a deal to build phase three of the Jabal Omar development in the holy city.
Under the terms of the joint venture agreement, the companies will share 50 percent of the overall value of the contract.
The third phase of the Jabal Omar scheme will involve the construction of four hotel towers with a total built up area of 400,000 sq m.
The third phase will also include five-star and three-star hotels. No further details were released.
Jabal Omar Development Company plans to open a total of ten hotels in Saudi Arabia’s holy city of Makkah, its executive general director told Bloomberg recently.
The firm, established to invest $3.2bn in Makkah, is developing 2.2m sqm of land near the Grand Mosque, said Sameer Al Quraishi.