Gulf News reported that Arabtec Holding received a letter of award to proceed with works for a SAR 670 million construction project in Jeddah.

Mr Riad Kamal CEO of Arabtec Holding said that "The award of this project demonstrates further the strategic importance of the Saudi market for Arabtec. This is the third major project awarded to Arabtec Saudi Arabia."

Arabtec said that it expected the award to increase in value to around SAR 1.5 billion. Negotiations were ongoing to finalize this increase. The company didn't say who the project client is and didn't provide any further details on the deal.

Previous Arabtec projects in Saudi Arabia include 46 buildings for the Princess Noura University project in Riyadh and the construction of 5,000 villas and associated infrastructure works for a new housing project in the Eastern Province with an agreed value of SAR 5 billion to be completed over a construction period of 30 months.

(Sourced from Gulf News)