Global steelmaker Posco Engineering & Construction Co has been awarded a construction contract for a hotel project in Saudi Arabia.
The deal was signed by Pecsa, a joint venture between Posco E&C and Saudi's Public Investment Fund, under which five four-star hotel towers in Dar Al Hijrah will be built. The project will feature a combined total of 3,070 rooms expected to be built by February 2019.
The hotel complex will partly accommodate pilgrims to the mosque in Medina each year, according to Posco E&C.
Earlier this year, Posco E&C extended support to the Saudi government for the development of key infrastructure projects worth $ 2.9 billion in the kingdom, including a power plant, the $421 million sulphur railcar roaring facility owned by Saudi Aramco and the $79 million Yanbu wastewater treatment plant owned by Marafiq.
Posco E&C has lined up many projects for the kingdom to support its way to achieve Vision 2030, including 13 projects under planning, two under construction and two under negotiation. Also in discussion was the $2 billion Ghazlan power plant owned by Saudi Electricity Company (SEC).