Saudi Arabia’s Umm Al Qura for Development and Construction Co (Masar) has awarded two new construction contracts worth a combined SAR 4.1 bln (USD 1.09 bln), excluding VAT, for superstructure works at its Masar Destination mixed-use development in Makkah, according to a stock exchange filing.
The contracts cover seven hospitality towers and two shopping centres across eight plots. Masar said the previous main contractor was terminated due to material breaches. A SAR 3.2 bln (USD 0.85 bln) contract for four hospitality towers and two commercial centres in Zone 1 has been awarded to Mounes Mohammed Elshayeb and Partners for Civil Construction Company (Mobco), while a SAR 899 mln (USD 240 mln) contract for three hospitality towers in Zone 3 has been awarded to BEC Arabia Contracting Company. Both contracts have a 30-month duration.
1 USD / 3.75 SAR