FINANCIAL NEWS

Saudi Jabal Omar awards contracts for four hotel towers

26 Mar 2012

(MENAFN) Saudi developer Jabal Omar Development Co awarded construction contracts to two local companies for the second phase of its Jabal Omar project, Arabian Business reported.

The contracts, worth USD397 million, were given to to Baytur Construction Co and Azmeel Contracting & Construction Corp, which inder the contracts will build four hotel towers.

Jabal Omar in December signed a loan deal for USD800 million with the finance ministry to complete some of its projects in Makkah.

A forest of high-rise buildings just next to the Grand Mosque is emerging, built by Saudi developer Jabal Omar and costing more than USD5.5 billion, where Hilton and others will open 26 new hotels and add 13,000 more rooms.

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