Drake-ACC JV wins $720m Saudi contract
Riyadh, December 12, 2012
Jabal Omar Development, a leading Saudi Arabia-based developer, has awarded construction contracts worth SR2.7 billion ($720 million) to a joint venture between the local units of Arabian Construction Company (ACC) and Drake & Scull Construction (DSC).
DSC, the Saudi unit of Drake and Scull International, said as per the contract the joint venture firm will build phase three of the Jabal Omar development in Makkah region.
It will involve the construction of four hotel towers with a total built up area of 400,000 sq m. The towers will also include 5-star and 3-star hotels, said a statement from the Dubai-based company.
Under the terms of the joint venture agreement, DSC's share will be 50 per cent of the overall value of the contract, it added.-TradeArabia News Service
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