Saudi Arabia’s Diriyah Company said on Thursday it had awarded a $2bn (SAR7.8bn) infrastructure contract to construct a new mixed-use district in the north of the tourism project. The Public Investment Fund-backed (PIF) firm said that this is its largest single contract yet.
The contract was awarded to a joint venture to build educational institutions, cultural venues, offices and a luxury hotel. Diriyah Company, which was founded in 2022, said the contracts were awarded to El Seif Engineering Contracting Company (ESEC) and China State Construction Engineering Corporation (CSCEC). Construction of the mixed-use district, which will be a major flagship project within the Diriyah development area, is set to commence in the third quarter of 2024.
“The size and scale of this joint venture demonstrates the increasing speed and momentum of our plans for building The City of Earth and creating one of the world’s truly remarkable gathering places and marks a major milestone in our master planning process,” said Jerry Inzerillo, Diriyah Company’s group CEO. “The agreement with China State Construction Engineering Corporation is a further example of the ever-closer economic ties and constructive business partnerships that are being built between Saudi Arabia and China.” The $2bn contract marks the first major implementation of Diriyah’s new delivery partnership procurement strategy.
This approach fosters collaboration among Diriyah, its main contractors, SMEs, manufactur.