Taiba Investments has awarded a 238.31 million Saudi riyals ($63.39 million) construction contract for a 4-star Novotel hotel project in Madinah to Orient Construction Company Weavers Limited, the Saudi stock exchange-listed firm said in a statement.

The hotel is being built on an 1,822-square-metre plot owned by Taiba's subsidiary in the central area of Madinah.

The 18-floor Novotel Hotel will have 394 keys and royal suites, the statement noted.

In September 2022, Taiba had awarded the construction contract for Sheraton Taiba Hotel project in Madinah to Saudi Arabian Construction Company for 430.7 million riyals ($114.6 million).

(Writing by D Madhura; Editing by Anoop Menon)