New $533 million residential complex in Mecca
Local and foreign companies will bid for a $533 million Saudi construction project in Mecca. The new complex will include a high rise building consisting of 942 apartments and a twin tower five star hotel overlooking the city’s Grand Mosque, reported AFP. The tender will be awarded on a Build-Operate-Transfer (BOT) basis with the date of completion set for 2005. Saudi Arabia's King Fahd approved the building tender in addition to the reconstruction of the 230-year old Ajyad Fortress.
The residential complex is one of many development projects recently undertaken by the Saudi government. Minister of Municipal and Rural Affairs Muhammad Al-Jarallah recently signed contracts worth a total of 420 million Saudi Riyals ($) for the implementation of several building projects in various parts of the country, reported Arab News. Housing complexes and sewage lines in Riyadh, Jeddah and Medina are set to be renovated in the next three years. — (menareport.com)
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