In order to construct cutting-edge educational facilities, cultural venues, contemporary offices, and a five-star hotel, Diriyah Company has announced the creation of a new mixed-use district in the northern part of the city. The joint venture Northern District Construction Contract is valued at over $2 billion, or SR7.8 billion.
With joint venture contractors El Seif Engineering Contracting Co. Ltd. (ESEC) and China State Construction Engineering Corporation Limited (CSCEC), it is the largest single contract that the Diriyah Company has ever awarded. The construction project is scheduled to start in Q3 of 2024.
The contract’s size and scope show how quickly the construction of Diriyah, The City of Earth, is progressing. This contract is among the biggest that Saudi Arabia will award in 2024.
Jerry Inzerillo, Diriyah Company Group CEO, said: “We are thrilled to announce the award of this major contract to build the exciting mixed-used district in the north of Diriyah. This represents a major step in our accelerating development strategy and commitment to making Diriyah a place for the world to be able to learn, absorb culture, and experience a vibrant and welcoming visitor destination.”
Ahmed Al Bassam, CEO of ESEC, said: “We are enormously proud to continue our strategic partnership with the Diriyah Company and to be entrusted with a project of such importance in developing some of the highest profile assets within the Diriyah development area, and indeed across the Kingdom.”
Chuanhai Wei, CEO of CSCEC KSA Branch, added: “This contract marks another landmark opportunity for CSCEC to work once again with our strategic partners at El Seif Engineering Contracting Company and the Diriyah Company in building an extraordinary new city on the outskirts of Riyadh. We are delighted to be working on such a large-scale and ambitious project once more.”
The joint venture between ESEC and CSCEC is the most recent project that Diriyah has given to the two companies; significant infrastructure work has already started on the development site. This includes constructing road tunnels and pouring 6100 cubic meters of concrete in one go, the largest single concrete pour in history for building foundations. This is related to a previous contract that was awarded in June 2021 for $1.8 billion, or SR 6.65 billion.
