Contractors to submit bids by 30 September
Saudi Arabia-based developer Jabal Omar Development Company has invited companies to submit bids by 30 September for a contract to provide district cooling services for its Mecca real estate project.
The landmark project, to be built at a site next to the Holy Mosque, involves the development of 15 residential towers and 40 hotels. According to sources close to the project, the scheme is worth SR19bn ($5bn) in total.
Work began on the project in September 2008, but there exist concerns regarding the underlying feasibility of the project. In April, Jabal Omar Development Company, which is a listed company, posted a SR8.9m first quarter loss.
The troubled company is currently looking to secure a SR1.35bn bridge loan to cover the early stage development of the project as plans to put in place larger funding sources have fallen behind schedule (MEED 10:9:10).
The Middle East District Cooling 2010 event is taking place 27-28 September in Abu Dhabi.
Middle East District Cooling 2010 conference
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