Diriyah Company has announced a $2B construction contract to develop a luxury hotel, offices, cultural venues, and educational institutions in the northern region.
Diriyah Company has entered into an agreement with El Seif Engineering Contracting, in collaboration with China State Construction Engineering Corporation, for this extensive construction project in the northern part of Diriyah.
Valued at over SR 7.8B ($2B), this project represents the largest construction contract ever awarded by Diriyah Company.
The Diriyah construction project encompasses the building of advanced educational institutions, cultural venues, modern offices, and a luxury hotel.
Prominent real estate developers from Saudi Arabia and around the globe will carry out the project, supporting the realization of the Company’s vision as one of the Kingdom’s most significant historical and cultural destinations and a key initiative of Saudi Vision 2030.
The agreement was signed by Diriyah Company Group CEO Jerry Inzerillo, ESEC CEO Eng. Ahmed Al Bassam, and CSCEC’s KSA Branch CEO Chuanhai Wei.
Construction is scheduled to begin in the third quarter of this year.
Inzerillo stated: “This marks a significant step in our accelerating development strategy and our commitment to establishing Diriyah as one of the world’s foremost tourist, humanitarian, and cultural destinations.”
“This contract is among the largest in terms of size, scope, and importance within the Diriyah development plan.”
“This agreement also exemplifies the strong economic ties and robust commercial partnerships forming between Saudi Arabia and China.”
The agreement highlights the project’s local and global significance and its capacity to attract further economic opportunities to the Kingdom.
The project provides substantial investment opportunities and a favorable business environment with the highest standards of governance, contributing to job creation, increasing the gross domestic product, and making the development the world’s premier destination for heritage and culture.
