Diriyah City Awards $2 Billion Contract for Development Project
Saudi heritage city Diriyah has just sealed its largest single contract to date, worth a whopping SR7.8 billion ($2 billion). The agreement, inked with a joint venture of El Seif Engineering Contracting Co. and China State Construction Engineering Corp., will kick off development of a district in the northern part of the city in the third quarter of the year.
Preserving Historical Sites for Economic Diversification
As Saudi Arabia pushes to diversify its economy away from oil, the development of historical sites like Diriyah is becoming increasingly crucial. The aim is to shift focus to sectors like tourism, making projects like this one essential for the Kingdom’s economic future.
A Vibrant Hub for Residents and Visitors
Once completed, the project will transform Diriyah into a bustling district, attracting 100,000 residents, workers, students, and visitors. The area will offer a mix of cultural, entertainment, retail, hospitality, educational, and residential spaces, creating a dynamic and welcoming destination for people from all walks of life.
Accelerating Development Strategy
Diriyah Co. Group CEO, Jerry Inzerillo, expressed excitement about the contract, calling it a major step in the city’s development strategy. He emphasized the goal of making Diriyah a global destination for learning, culture, and vibrant experiences, marking a significant milestone in the city’s master planning process.
Building Strong Business Partnerships
The contract also signifies the first major implementation of Diriyah Co.’s new procurement strategy, fostering collaboration among various stakeholders for efficient project execution. The partnership with China State Construction Engineering Corp. highlights the growing economic ties between Saudi Arabia and China, showcasing the importance of constructive business relationships in the region.
Preserving Heritage Amidst Modernization
Located on the outskirts of Riyadh, Diriyah is home to the UNESCO World Heritage Site of At-Turaif, the historic capital of the first Saudi state. As the city undergoes rapid development, efforts are being made to balance modernization with the preservation of its rich heritage, ensuring that Diriyah remains a symbol of Saudi Arabia’s past and future.