The 30-storey tower will be built in Riyadh
The local El-Seif Engineering Contracting has been awarded the estimated SR675m ($180m) contract to build a new headquarters building for Saudi lender Sabb in Riyadh.
The 30-storey tower will be located on King Fahd Road in the Al-Sahafa area. It will include four levels of parking and a five-level basement. The total built-up area will be 55,600 square metres.
Netherlands-headquartered Arcadis is the project manager and designer.
It has been a slow year for construction contract awards in Riyadh this year. According to regional projects tracker MEED Projects, there have been $1.073bn of awards in 2017, and with less than two weeks to go until the end of this year, that total is likely to change significantly.
If the total remains the same, the total for 2017 will be down about 80 per cent on last year. In 2016, there were $5.44bn of construction contract awards in the Saudi capital.
Riyadh construction contract awards | |
| Year | Total contract value ($ bn) |
| 2013 | 9.032 |
| 2014 | 6.612 |
| 2015 | 5.36 |
| 2016 | 5.44 |
| 2017 | 1.073 |
| Source: MEED Projects | |
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