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Saudi Arabia's Taiba Investments Co. has awarded the construction contract for Sheraton Taiba Hotel project in Madinah to Saudi Arabian Construction Company for 430.7 million Saudi riyals ($114.6 million).
The five-star hotel will come up on 2,005 square metre land plot located on the northern side of the Prophet's Mosque, the company said in a statement to the Saudi stock exchange.
The twin-tower, 19-storey project will feature 435 keys with the two towers connected by a bridge.
In March, market data provider STR said that a total of 32,621 hotel rooms are currently under construction in Saudi Arabia as the Kingdom prepares to meet pent-up demand from pilgrims returning to its holy cities.
(Writing by D Madhura; Editing by Anoop Menon)