Arabtec Holding PJSC announced that its joint venture between Arabtec Saudi Arabia LLC and Greece's Terna S.A. has been awarded a SR404 million contract by Aldara Medical Corporation to build Aldara Hospital and Medical Centre, a 105-bed hospital in Riyadh.
Arabtec has a 60 per cent stake in the Arabtec -Terna joint venture.
The six-storey hospital is being constructed on a built-up area of 107,000 square meters. It will include two medical centres. Construction on the Aldara Hospital and Medical Center is expected to be completed in early 2015.
"Saudi Arabia is rapidly developing its social and physical infrastructure, and we believe there is an opportunity for Arabtec to participate in construction projects in the kingdom such as hospitals, schools and transportation. This is another sign that the regional construction market is returning to health," said Arabtec Holding CEO Hasan Abdullah Ismaik.
Arabtec 's current backlog is valued at nearly Dh21 billion. Arabtec has a 5,000-villa project in Saudi Arabia.