Saudi: Posco E&C bags $900m construction contract
Posco E&C will build a four-star hotel in Saudi Arabia comprising of 3,070 rooms by February 2016 in the city of Medina
Posco Engineering & Construction Co has bagged a construction contract for a hotel project in Saudi Arabia.
The construction arm of global steelmaker Posco, said that its joint venture in Saudi Arabia has won a $900m (SAR3.37bn) project to build a hotel in the country, according to Yonhap News Agency.
The deal was signed by Pecsa, a joint venture between Posco E&C and Saudi's Public Investment Fund.
Under the deal, signed on 9 October 2016, the joint firm will build five four-star hotel towers with a combined total of 3,070 rooms by February 2019.
The hotel complex will partly accommodate pilgrims to the mosque in Medina each year, according to Posco E&C.
"The company will successfully complete this project by employing its advanced and latest technologies that will clearly distinguish the company and its technologies from those of local builders in Saudi Arabia," Hahn Chan-Kun, company chief was quoted as saying.