Taiba Investments, Saudi Arabia announced in a statement that it has awarded an SR431 million ($115 million) contract to Saudi Arabian Construction Company for the construction of the Sheraton Taiba Hotel in Madinah.

A leading player in the kingdom, Taiba is a specialist in investing in real estate, tourism, mining, agriculture, and trade, as well as maintenance and operational activities.

The contract award comes in line with Taiba Investments’ vision to develop multiple real estate and hospitality projects, stated the company in its filing to Saudi bourse Tadawul.

On completion, the Sheraton hotel will feature two towers connected by a bridge at the upper level with public and dining areas, it added.