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FINANCIAL NEWS
Arabian Construction, DSI unit awarded USD720m Saudi contract
13 Dec 2012
(MENAFN) Arabian Construction Company announced that it has won a USD720 million contract along with Drake & Scull Construction to establish the third phase of Jabal Omar development, reported Arabian Business.
The joint venture between the Saudi-based construction firm and the unit of Dubai-based Drake & Scull International would share 50 percent of the contract’s total value.
The phase three of the development, located in the holy city of Makkah, covers the establishment of 4 hotel towers with a total built up area of 400,000 sq m, in addition to 5-star and 3-star hotels
According to Jabal Omar Development Company’s executive general director, Sameer Al Quraishi, the firm will launch 10 hotels in Makkah.
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