Taiba appoints Al Saad General Contracting as main contractor for $101mn Riyadh hotel
302-key hotel is being built in the Al Olaya district of the Kingdom’s capital
Taiba Investments Company, the Saudi-based real estate investment and development company, has announced that it has signed up Al Saad General Contracting Company as the main contractor for its upcoming Riyadh hotel project, which is being developed in the Kingdom’s capital at an investment of $101 million.
In a statement to the Saudi bourse, Taiba said that the project will be implemented on a 11,073sqm plot owned by its subsidiary Al Aqeeq Real Estate in the Al Olaya district of Riyadh, at the intersection of Makkah Al Mukarramah and Al Takhassusi roads.
The developer added that the 17-storey hotel will feature 302 units, comprising of suites, apartments and hotel rooms, as well as a commercial centre, recreational outlets, and a health club. Plentiful car parking has also been included in the project’s masterplan, the filing to Tadawul added.
The announcement comes in the wake of Taiba recently signing an agreement with Accor for the operation of its upcoming Novatel Hotel in Madinah. That project is being built on a total area of 1,822sqm and is located on the western side of the Saudi city. It is likely to be ready for operations by 2025.
