Riyadh – Mubasher: POSCO Engineering & Construction Co. won a $900 million project to build a hotel in Saudi Arabia.
PECSA Company, a joint venture between POSCO and Saudi's Public Investment Fund, signed the deal, Yonhap News Agency reported on Monday.
Under the agreement, the joint company will four-star build five hotel towers with a total of 3,040 rooms by February 2017.
The hotel complex will accommodate tens of thousands of pilgrims in the in Medina every year, the news agency cited the company.
Yonhap reported, quoting POSCO’s chief Hahn Chan-kun, saying, "the company will successfully complete this project by employing its advanced and latest technologies that will clearly distinguish the company and its technologies from those of local builders in Saudi Arabia."
