Wednesday, August 16, 2017

Work may restart on Makkah's $3.5bn hotel

Work on one of the world’s largest hotel projects, the $3.5-billion Abraj Kudai in Makkah, Saudi Arabia, is expected to restart, reports said.

The hotel construction was halted in 2015 following the decline in oil prices and the austerity measures announced by the government.

Sub-contractors have been asked to submit pricing proposals to Saudi Binladin, the main contractor, by mid-September, a Reuters report said quoting sources.

Saudi Binladin, one of the country’s biggest construction conglomerates, has been hit hard by a slump in the building sector caused by the economic decline.

Renewed plans for the government-funded project signal Riyadh is again willing to spend on strategic economic development projects, the report said.

When completed, the hotel will have 10,000 rooms, 70 restaurants, several helipads and a section reserved for the Saudi royal family.

A planned opening date for the Abraj Kudai has not yet been confirmed, but one source said it would take at least 2½ years to complete, the report said.

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