Saudi’s Rua Al Madinah awards $160m Contracts

Saudi’s Rua Al Madinah awards $160m Contracts

Rua Al Madinah Holding, Saudi Arabia announced that it has signed four contracts with Saudi companies worth SR600 million ($159.76 million) during the Public Investment Fund’s Private Sector Forum.

The agreements come as part of the firm’s effort to achieve the Vision 2030 objective of enabling the Madinah, to host 30 million visitors annually by 2030.

Ahmed Al-Juhani, CEO of Rua Al Madinah Holding, signed two of the four contracts, including one with Khaled Al Babtain, the chairman of Al Babtain Contracting Co..

That deal will see the firm design and build four power substations that will provide power to the Rua Al Madinah Project.

Al-Juhani told Arab News that deals bring the total value of contracts currently under execution to almost SR5 billion.

He added: “We have a total of four substations. They are at the level of 110 KV and also we signed another contract for the excavation and early work for the first superblock which has 18 tower buildings and those buildings will actually host the first hotel superblock in Rua Al Madinah.”

The second contract was signed with Ahmed Awdah Al Biladi, the CEO of Awdah Al Biladi & Sons Contracting Co., to undertake the preliminary work on superblock 5.

The contract covers