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.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}