Arabtec Saudi Arabia says it has received a letter of award to proceed with the works for a major infrastructure project in Jeddah, Saudi Arabia.
Negotiations on the final value of the contract are still ongoing, but Arabtec expects it to increase in value to about SR1.5bn ($400m).
The award is Arabtec’s third major Saudi Arabia project. The first was 46 buildings at the Princess Noura University project in Riyadh. The second being the construction of 5,000 villas and associated infrastructure works for a new housing project in the Eastern Province of Saudi Arabia.