Search Site

Roche to buy Poseida Therapeutics

The $1.5 billion deal is due to close in early 2025.

BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Masar signs $1.86 bn pact for construction of seven hotels in Makkah

The project involves the construction of seven hotel towers. (SPA)
  • Baytur Construction Company appointed main contractor and Al Dar to supervise the implementation.
  • The agreement boasts the famous hospitality brand Kempinski and the international Taj chain for the first time in Makkah.

Makkah, Saudi Arabia—Umm Al-Qura for Development and Construction Company, owner and developer of Masar Destination, an integrated urban destination in the Makkah, has signed an agreement for the construction and operation of its $1.86 billion hotel project.

The Saudi Arabian Baytur Construction Company was nominated as the main contractor for the implementation, while the International ‘Al Dar’ for Engineering Consultancies was appointed to supervise the implementation of this package, which includes the construction and the operation of seven hotel towers.

The signing was attended by Engineer Saleh Al-Rasheed, CEO of the Royal Commission for Makkah and Holy sites.

In a statement, Masar said these international operators were picked in its “quest to set new international standards in the hospitality sector in Makkah”

The agreement boasts the famous hospitality brand Kempinski and the international Taj chain for the first time in Makkah. They will be operating two 5-star towers and one Kempinski residential tower.

This hospitality package occupies a select location in the central area of Makkah, which is only about 500 meters away from the Great Al-Haram Mosque. It hosts a commercial complex of more than 43,000 square meters. These hotels offer a range of parking spaces and a bus station for shuttles. T

The leading hotel brand Hilton is set to take over the operations of the four-star “Embassy Suite – Hilton”, as well as three 3-star hotel towers “Garden Inn – Hilton” next to the “Alharamain” train station. This entire development offers more than 2800 rooms.