Saudi real estate developer Diriyah Company has announced the signing of a major construction contract. The firm has partnered with El Seif Engineering Contracting Co. Ltd (ESEC) and China State Construction Engineering Corporation Limited (CSCEC) for a large-scale project in northern Diriyah.
The project, valued at over SAR7.8 billion ($2 billion), is the largest construction contract ever awarded in Diriyah Company’s history. It involves the construction of advanced educational institutions, cultural venues, modern offices, and a luxury hotel.
#DiriyahCompany signs a record-breaking construction contract with Saudi El Seif Engineering Contracting and CHINA STATE CONSTRUCTION (CSCEC) worth over $2 billion to develop the Northern mixed-used district in the north of #Diriyah as part of the masterplan for #TheCityofEarth. pic.twitter.com/JwGT7OOqqw
— Diriyah Company l شركة الدرعية (@DiriyahCo) July 10, 2024
Prominent local and global developers
Additionally, The project will be executed by some of the most prominent real estate developers from Saudi Arabia and around the world. This endeavor represents a significant step in realizing the Diriyah Company’s vision, which is to transform Diriyah into one of the most important historical and cultural destinations in the Kingdom, as well as a key project of Saudi Vision 2030.
The agreement was signed by Diriyah Company Group chief executive Jerry Inzerillo, ESEC chief executive Eng. Ahmed Al Bassam, and CSCEC’s KSA Branch chief executive Chuanhai Wei. Furthermore, construction work is set to commence in the third quarter of this year.
“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 chief executive also noted that “This contract is one of the largest in terms of size, scope, and significance within the development plan for the Diriyah project. This agreement also represents another example of the close economic relations and strong commercial partnerships being established between Saudi Arabia and China.”
Attracting economic opportunities to the Kingdom
This agreement is a testament to the local and global stature of the Diriyah project and its ability to attract more economic opportunities to the Kingdom. The project offers tremendous investment opportunities and an attractive business environment characterized by the highest standards of governance, contributing to increasing job opportunities, raising the gross domestic product, and making Diriyah the world’s premier destination for heritage and culture.
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