Italy’s Salini Impregilo bags SAR 1 bln contract for Al Faisaliah project

Al Khozama Management Co. – in which Tadawul-listed Aseer Trading, Tourism & Manufacturing Co. owns a 5 percent stake – has awarded Italy’s Salini Impregilo a SAR 1.1 billion contract to develop the Al Faisaliah project in Riyadh.

The construction group will expand the Al Faisaliah Mall by 16,000 square meters at a cost of SAR 200 million, the company said in a statement on Sunday.

It will also develop other hotels and commercial offices, and renovate the Al Khozama five-star hotel.

Aseer’s board of directors in 2007 approved acquiring 10 million shares, or a 5 percent stake, in Al Khozama for SAR 180 million.

The hospitality services provider’s portfolio includes leisure resorts, hotels, and retreats in religiously significant locations.