POSCO Engineering & Construction Co. has won a $900mn project to build a 3,000 key hotel project in Saudi Arabia near the city of Medinah.
PECSA Company, a joint venture between POSCO and Saudi’s Public Investment Fund, signed the deal to build the development in Madinah Hajj City which will serve pilgrims on their way to Madinah from Mecca, Korean media reported Monday.
Under the agreement, the joint company will build a giant hotel complex that will comprise five towers by February 2017, reports say.
Located 3 km from the center of Madinah, Madinah Hajj City is being developed on 1.6 km2 of land and will have a construction cost of $16bn.