RIYADH: Diriyah Co. recently unveiled a monumental SR7.8 billion ($2 billion) construction deal for a mixed-use complex in the region’s north, the Saudi Press Agency reported.
The contract, the largest in Diriyah’s development history, will usher in a sprawling development that seamlessly blends advanced educational facilities, cultural landmarks, cutting-edge office spaces, and a luxurious hotel. It will also bring together elite developers from across the world.
The agreement was signed by Jerry Inzerillo, group CEO of Diriyah Co., Ahmed Al-Bassam, CEO of El-Seif Engineering Contracting, and Chuanhai Wei, CEO of the Saudi branch of the China State Construction Engineering Corp.
Construction is scheduled to commence in the third quarter of 2024.
Inzerillo emphasized the significance of the contract, stating: “This agreement represents a major step in our ongoing commitment to establish Diriyah as one of the world’s most important tourist destinations and cultural hubs.”
He added that the deal exemplifies the strong economic ties and robust commercial partnerships being forged between Saudi Arabia and China.
According to SPA, this deal highlights the development’s exceptional capacity to draw substantial economic opportunities to the Kingdom, capitalizing on its immense investment potential and investor-friendly climate, with governance standards that rival the best in the world.
It is designed to attract substantial foreign investment, create numerous job opportunities, and significantly boost the Kingdom’s GDP. Furthermore, it aims to solidify Diriyah’s status as a global beacon of heritage and culture.
