Al-Dir’iya Company announced the signing of a contract with “Al-Saif Engineers & Contractors” in partnership with the China State Construction Engineering Corporation (CSCEC) to carry out a large-scale construction project in the northern region of Diriyah.
Details of the project—which is the largest construction contract awarded in the history of Diriyah’s development to date, with a value exceeding 7.8 billion riyals ($2 billion)— the construction of a mixed-use district featuring state-of-the-art educational institutions, cultural venues, modern offices, and a luxury hotel, carried out by the most skilled and prominent real estate developers from Saudi Arabia and around the world, to contribute to the completion of the Diriyah development project, which represents the Kingdom’s most important historical and cultural destination and is one of the most prominent projects under Saudi Vision 2030.
The agreement was signed by Jerry Inzerillo, CEO of the Diriyah Group; Engineer Ahmed Al-Bassam, CEO of Al-Saif Engineers & Contractors (ESEC); and the CEO of the Saudi branch of China State Construction Engineering Corporation Limited (CSCEC), Chuanhai Wei. Construction is scheduled to begin in the third quarter of 2024.
Inzerillo said: ”This contract represents a major step forward in our plans and our ongoing commitment to making Diriyah one of the most important and prominent tourist destinations and a hub for human and cultural exchange in the world, This contract is also one of the largest in terms of size, scope, and significance within the development plan for the Diriyah project, and this agreement represents yet another example of the close economic ties and strong commercial partnerships being established between the Kingdom of Saudi Arabia and China.”
This agreement demonstrates the Diriyah Project’s standing both domestically and globally, as well as its ability to attract more economic opportunities to the Kingdom, thanks to its immense investment opportunities and an attractive business environment characterized by the highest standards of governance in line with global best practices, thereby contributing to increased employment, boosting gross domestic product, and establishing Diriyah as the world’s premier destination for heritage and culture.
