Diriyah Announces Historic $2 Billion Construction Contract For Northern District Development

Diriyah Company has entered into a significant contract with El Seif Engineering Contracting Co. Ltd (ESEC) and China State Construction Engineering Corporation Limited (CSCEC). This project, valued at over SAR7.8 billion ($2 billion), is the largest construction contract in Diriyah Company's history.

The project will include advanced educational institutions, cultural venues, modern offices, and a luxury hotel. Prominent real-estate developers from Saudi Arabia and around the world will participate, contributing to the realization of Diriyah as a key historical and cultural destination in the Kingdom.

Diriyah Company Group chief executive Jerry Inzerillo, ESEC chief executive Eng. Ahmed Al Bassam, and CSCEC's KSA Branch chief executive Chuanhai Wei signed the agreement. Construction is scheduled to start in the third quarter of this year.

This initiative aligns with Saudi Vision 2030, aiming to make Diriyah a major tourist, humanitarian, and cultural hub globally. "This represents a major step in our accelerating development strategy and commitment to making Diriyah one of the most important and prominent tourist, humanitarian, and cultural destinations in the world," Inzerillo said.

The project underscores the close economic relations between Saudi Arabia and China. "This contract is one of the largest in terms of size, scope, and significance within the development plan for the Diriyah project," Inzerillo added.

Investment Opportunities

The agreement highlights Diriyah's ability to attract significant economic opportunities to Saudi Arabia. The project promises substantial investment prospects and an appealing business environment with high governance standards.

This development will boost job opportunities and increase the gross domestic product (GDP), positioning Diriyah as a premier global destination for heritage and culture.

"This agreement also represents another example of the close economic relations and strong commercial partnerships being established between Saudi Arabia and China," Inzerillo noted.

The project's scale reflects its importance within Diriyah's broader development plan. It aims to enhance local employment rates while contributing significantly to Saudi Arabia's GDP growth.

The collaboration between ESEC and CSCEC signifies a robust partnership that will drive forward this ambitious project. The involvement of leading developers ensures that the highest standards are met throughout construction.

This large-scale initiative is expected to transform Diriyah into a world-renowned site for cultural heritage, aligning with Saudi Vision 2030's goals.

With inputs from SPA