Saudi Arabia is set to restart work on one of the world’s largest hotel projects, the US$3.5bil (RM15bil) Abraj Kudai in Mecca, which halted construction in 2015 due to a financial squeeze.
When completed, the Abraj Kudai is meant to have about 10,000 rooms, 70 restaurants, several helipads and a section reserved for the Saudi royal family. Renewed plans for the government-funded project signal Riyadh is again willing to spend on strategic economic development projects such as tourism and are a boost for Saudi Binladin Group, the company leading the construction.
Saudi state finances have strengthened somewhat this year because of moderately higher oil prices and cost-cutting. The state budget deficit shrank to 46.5 billion riyals (RM53.2bil) in the April-June period from about 58.4 billion riyals a year ago, Ministry of Finance data showed on Sunday.
Source Credit: The Star Online
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