Taiba awards SAR 377.5 mln Riyadh hotel project on land owned by Al Aqeeq Real Estate

Logo of Taiba Investments Co.

Taiba Investments Co. awarded the main contractor’s works for its hotel project in Riyadh, that will be built on a land owned by its subsidiary, Al Aqeeq Real Estate, at a total value of SAR 377.5 million, the real estate developer said in a bourse statement.

The land, spanning a total area of 11,073 square meters, is located on Al-Olaya neighborhood.

The project will be implemented by the main contractor, Al-Saad General Contracting Co. Ltd.

The hotel is comprised of 18 floors with 302 suites, apartments and luxury rooms, in addition to hotel services, a commercial center, recreational centers, a health club and car parking.

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