Taiba awards Sheraton Hotel project’s main contract to Saudi Arabian Construction for SAR 430.7 mln

Taiba Investments Co.

Taiba Investments Co. awarded, on Aug. 31, the main contract for the execution of Sheraton Taiba Hotel project in Madinah to Saudi Arabian Construction Co. for SAR 430.7 million, exclusive of value-added tax (VAT).

The contract is related to land plots No. 108 and 153, which are owned by Taiba and located on the northern side of the Prophet's Mosque, in central area of Madinah, on a total area of 2,005 square meters, Taiba said in a statement to Tadawul.

The five-star hotel will comprise two towers and a connecting bridge. The total building floors are 19, including four basements, ground floor lobbies, mezzanine and 13 typical floors that include 435 keys of standards rooms and Royal Suites.

Parking facilities are provided in basement levels and restaurant allocated in mezzanine floor.

There are no related parties to the contract, Taiba added.