The project, which is located on a 17,000-square-metre plot and includes the construction of three 30-storey towers, an underground car park and a 500-metre running track, will be the tallest development in the city. It is being developed by the local Zaki Farsi Groupand is expected to take 44 months to complete.

The Abraj al-Farsi development will be the company's fifth development in the city. Sources at the company say it is currently working on plans for two further corniche developments - a 30-storey office block worth about $60 million, and a 28-storey residential tower also estimated at about $60 million. Construction contracts for these are expected to be tendered in the third quarter.

Elsewhere in Jeddah, about 10 local contractors have submitted bids for the main construction contract on the $50 million Sari Mall. The project, which is being developed by the local Midad International, covers 70,000 square metres and includes an ice rink. Bidders include Al-Redwan, Mubarak Gathmy, Samarco, El-Khereiji Groupand a joint venture between the local Saad Trading & Contracting Company and the local/Lebanese Almabani General Contractors Company. The consultant is the local Munzer Sarwan. The architect is Lebanon's Erga Group.