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FINANCIAL NEWS
Drake & Scull Construction secures USD459m Saudi contract
21 May 2013
(MENAFN) Drake & Scull Construction Saudi Arabia stated that it has secured a USD459 million contract from Lamar Investment and Real Estate Development Co, reported Arabian Business.
The company will be in charge of completing the Lamar Towers project in Jeddah, which was launched in 2007 at first; however, work on the project was stopped in 2009.
The project spans over 34,800 sq m area, and has a total built up area of 409,770 sq m on Jeddah Corniche.
The Lamar Towers project consists of 2 commercial and residential towers, comprising 57 and 49 levels.
It is worth noting that the Lamar project was restructured and refinanced during the current year.
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