A joint venture owned by South Korea’s POSCO Engineering & Construction Co. and Saudi Arabia’s Public Investment Fund (PIF) has won a $900 million (SAR 3.4 billion) contract to build a hotel in Madinah, the company said in a statement.
The joint venture, PECSA, will build five-star hotel towers with total of 3,070 rooms by February 2019.
The hotel complex will accommodate pilgrims to the holy mosque in Madinah each year, according to POSCO E&C.
"The company will successfully complete this project by employing its advanced and latest technologies that will clearly distinguish the company and its technologies from those of local builders in Saudi Arabia," company chief Hahn Chan-kun was quoted as saying.
Last year, PIF bought 38 percent stake in POSCO E&C, the construction arm of steelmaker POSCO, for $1.1 billion.
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