Diriyah Company has confirmed the awarding of a construction contract, surpassing SR7.8bn ($2bn), for the establishment of a new mixed-use district in the northern region of Diriyah, Saudi Arabia.
The joint venture (JV) Northern District contract, which stands as the largest to date for the company, will pave the way for the development of educational facilities, cultural spaces, office buildings, and a luxury hotel in the new district.
El Seif Engineering Contracting (ESEC) and China State Construction Engineering Corporation (CSCEC) are the JV partners for this project.
The commencement of construction is scheduled for the third quarter (Q3) of 2024, marking this endeavour as a cornerstone project within the wider Diriyah development scheme.
Diriyah Company forecasts revealing further details about the range of structures and institutions that will constitute the new mixed-use district in due course.
Diriyah Company Group CEO Jerry Inzerillo said: “The size and scale of this joint venture demonstrates the increasing speed and momentum of our plans for building The City of Earth and creating one of the world’s truly remarkable gathering places and marks a major milestone in our master-planning process.”
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By GlobalDataThis contract is indicative of the significant construction activity taking place in Saudi Arabia in 2024.
It also marks the application of Diriyah Company’s newly adopted delivery partnership procurement strategy.
This strategy is designed to cultivate cooperative relationships between Diriyah Company and its network of contractors, small and medium-sized enterprises, manufacturers, and suppliers to ensure streamlined and effective project delivery.
The strategy also aligns with Saudi Arabia’s Vision 2030.
The collaboration between ESEC and CSCEC is not new. They have previously been entrusted with significant infrastructure projects by Diriyah Company.
These projects include road tunnel construction and executing a record-breaking concrete pour as part of a $1.8bn contract awarded in June 2021.
