Monday, May 20, 2024

Taiba awards contract for $101m Riyadh hotel project

Saudi-based Taiba Investments Company has signed up Al Saad General Contracting Company as the main contractor for its upcoming Riyadh Hotel project being set up in the Saudi capital at an investment of SR378 million ($101 million).

One of the largest real estate investment and development companies in Saudi Arabia, Taiba said the  project will be implemented on a 11,073-sq-m plot owned by its subsidiary Al Aqeeq Real Estate in the Al Olaya district of Riyadh, at intersection of Makkah Al Mukarramah and Al Takhassusi roads.

The 17-storey hotel will boast 302 suites, apartments, and hotel rooms, as well as a commercial centre, recreational outlets in addition to a health club and spacious car parking, stated the company in its filing to the Saudi bourse Tadawul.

Taiba had recently signed an agreement with Accor for the operation of its upcoming Novotel Hotel at Madinah.

The Novotel Hotel is being built on a total area of 1,822 sq m and is located in the western side of the Saudi city. It is likely to be ready for operations in 2025.

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