.jpg)
A $390 million contract has been signed between an alliance of Aref Investment Group and International Ejarah and Investment Company and the Bin Ladin Group for the landmark Zamzam Tower project in Makkah.
The project, being built on a build-operate-transfer (BOT) basis, is part of a four-tower residential complex which also includes Safa, Hajar and Al-Marwa offering a total of 5,500 apartments. The project overlooks the Grand Mosque with 41 per cent of the apartments directly facing the Kaaba and 40 per cent of the units facing the mosque.
The towers will be 31 storeys high, four levels of which will be used as parking space for 1,400 vehicles.
The foundation stone for the complex was laid last December.
On completion, the tower will be operated by a specialised international managing company.
