RIYADH: Taiba Investments has awarded an SR431 million ($115 million) contract to Saudi Arabian Construction co. for the construction of the Sheraton Taiba Hotel in Madinah.
This came in line with Taiba Investment Vision to develop multiple real estate and hospitality projects, according to a bourse filing.
The hotel will feature two towers connected by a bridge at the upper level with public and dining areas.
For the first half of the year, Taiba has turned to a profit of SR55 million, wiping out losses of SR14.8 million from the same period last year
Taiba Investments Co., listed on the Saudi main index, specializes in investing in real estate, tourism, mining, agriculture, and trade, as well as maintenance and operational activities.