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Sun 25 Mar 2012 07:42 PM

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Saudi developer awards $397m construction deals

Jabal Omar Development Co awards contracts for second phase of major Makkah project

Saudi developer awards $397m construction deals
Holy Kaaba, Mecca, Saudi Arabia, Hajj, Sharia, Sharia compliance, sukuk, Islamic finance

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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Maqsood ahmad 7 years ago

The jabal omar development project after completion will realy be providing an extra ordinary artificial beauty in addition to natural religious beauty of the holy city of MAKKA almokarama and will solving the longoustanding problems of parking and other commercial requirements specially during huj season