Logo of Taiba Investments Co.
Taiba Investments Co. awarded the main construction contract for the Novotel hotel project in Madinah, which will be built on land owned by its subsidiary, Al Aqeeq Real Estate Co., at a total value of SAR 238.31 million (excluding value-added tax), to Orient Construction Company Weavers Ltd.
In a statement to Tadawul, the company pointed out that the land, spanning a total area of 1,822 square meters, is located west of the Prophet’s Mosque in the central area of Madinah.
The 4-star Novotel Hotel comprises 18 floors, a mezzanine and 12 frequent floors, with 394 rooms and royal suites. The hotel will have a central restaurant, trade fairs, car park as well as hotel services allocated from the fourth basement up to the mezzanine floor.
There are no related parties, the statement said.
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