Saudi Arabia said to resume building mega hotel in Makkah

Saudi Arabia is set to resume work on one of the world’s largest hotel projects, Abraj Kudai in Makkah, a development worth $3.5 billion that has been put on hold since 2015 due to a financial squeeze, according to Reuters.

Subcontractors have been asked to submit pricing proposals to the construction company Saudi Binladen by mid-September, sources told Reuters.

The planned opening date of the hotel has not yet been confirmed, but it would take at least two and a half years to complete, the report added. Once completed, the hotel will include about 10,000 rooms, 70 restaurants, several helipads, and a section reserved for the Saudi royal family.

Binladen, the country’s largest construction firm, has been hit hard since low oil prices caused a slump in the sector.

"With a clearer grasp on its finances, the government has allocated a portion of its budget toward completing key projects," an executive in the Binladin group told Reuters.

"The Ministry of Finance is taking a lead role in the hotel project ... This is positive for the banking sector," an unnamed Saudi banker said.