Diriyah Company Announces $1.53 Billion Construction Contract for The Diriyah Arena Superblock - Middle East Business News and Information
The new 20,000-seat Diriyah Arena will anchor a dynamic mixed-use complex blending heritage and innovation, designed to host concerts, sports, and global events.
DIRIYAH, July, 2025: Diriyah Company has awarded a contract worth $1.53 billion (SAR 5.75 billion) to Branch of China Harbour Engineering Company Ltd for the construction works of the Arena Block, a district that includes the multi-purpose indoor Diriyah Arena, three mixed-use office buildings, and a parking facility.
Diriyah Arena will have a gross floor area (GFA) of approximately 74,000 square meters and is designed as a flexible and scalable venue to accommodate events such as concerts, sporting events, esports competitions, exhibitions, and live shows. With a seating capacity of 20,000 spectators, it aims to attract residents and visitors from around the world.
Designed by renowned global architecture firm HKS Inc., the Diriyah Arena's design draws inspiration from the natural geology surrounding Diriyah, while honoring traditional Najdi architectural elements, creating a harmonious blend of heritage and modernity.
The Diriyah Arena will enhance the quality of life in Diriyah by providing a space for residents and visitors to enjoy events, fostering community spirit, and contributing to overall well-being.
In addition to the Diriyah Arena, the Arena Block development will include three mixed-use office plots designed by international architects John McAslan + Partners, covering approximately 114,000 square meters, supported by state-of-the-art technology and infrastructure. The contract also includes over 4,000 parking spaces to support both Diriyah Arena events and office facilities.
Jerry Inzerillo, Group CEO of Diriyah Company, said: 'The iconic Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth's growing global role in shaping Saudi Arabia's artistic and cultural future, in alignment with Vision 2030. By attracting both residents and global visitors to experience world-class sports and performances, the Diriyah Arena firmly demonstrates our commitment to creating a world-leading gathering place. It also highlights the rapid progress we are making in developing a diverse range of assets across the Diriyah project.'
Yang Zhiyuan, CEO of China Harbour Engineering Company Ltd.Middle East, said: 'This award marks a significant milestone for CHEC in the Kingdom of Saudi Arabia. CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record in delivering the complex. We will mobilize the best resources and talents from across our international network and strive for excellence to ensure the successful and timely delivery of this world-class Arena. We remain committed to delivering excellence in support of Vision 2030. We are deeply proud to be part of it.'
This contract is the latest in a series of major announcements so far in 2025 as Diriyah Company continues to accelerate its development program for Diriyah, realizing milestone after milestone.
In addition to this contract, December 2024 saw China Harbour Engineering Company awarded a $202.2 million (SAR 758.5) million contract by Diriyah Company for bulk excavation works.
The Diriyah Arena will join world-class cultural and entertainment assets in Diriyah including the Royal Diriyah Opera House, nine museums, and academies, all featuring Najdi architectural elements inspired by the At-Turaif UNESCO World Heritage Site.
Backed by the Public Investment Fund (PIF), Diriyah is a large-scale urban development project spanning 14-square kilometers that will include homes for approximately 100,000 residents, generate over 178,000 jobs, host approximately 50 million annual visits, and contribute around $18.6 billion (SAR 70 billion) directly to Saudi Arabia's GDP. About Diriyah:
Diriyah, Saudi Arabia's premier historical, cultural, and lifestyle destination, is a key component of Saudi Arabia's 2030 Vision. A short 15-minute drive from Riyadh's city center, this 14-square-kilometer development holds historical significance as the birthplace of the Kingdom of Saudi Arabia, dating back to 1727. Currently being developed by Diriyah Company, Diriyah is undergoing a transformation into an authentic Najdi-style mixed-use urban community. Diriyah's centerpiece is At-Turaif, the UNESCO World Heritage Site inscribed in 2010, showcasing the ancient adobe capital city of the First Saudi State, dating back to 1766.
Upon completion, Diriyah will host 100,000 residents, workers, students, and visitors, offering a diverse range of cultural, entertainment, retail, hospitality, educational, and residential spaces. The first of those spaces include Bujairi Terrace, Riyadh's new premium dining hub with over 20 global and local restaurants and cafes that enjoy uninterrupted views of At-Turaif. Bab Samhan, a Luxury Collection Hotel is the first hospitality offering in Diriyah, providing a tranquil experience with panoramic views of Wadi Hanifah. Diriyah's development provides a dynamic environment that celebrates Saudi Arabia's rich cultural history.
About Diriyah Company:
Diriyah Company was established in 2023 and joined the Public Investment Fund's (PIF) portfolio of giga projects. The Company is responsible for developing the Diriyah project, the birthplace of the Kingdom of Saudi Arabia and its foremost historical, cultural and lifestyle destination. A dynamic mixed-use developer, Diriyah Company is redefining urban planning to develop Diriyah, 'The City of Earth', while adhering to the highest design, development, and preservation standards. The company ensures Diriyah's cultural landmarks are complemented by world-class retail offerings, fine-dining experiences and leading hospitality brands.
As a PIF company, its mission focuses on opportunities in development, hospitality, investment, retail and office leasing, along with strategic asset management, underscoring the commitment to ensuring successful business outcomes and sustainable growth under the strategic direction of Vision 2030. The Diriyah Company actively forges long-term partnerships to realize its vision of establishing Diriyah as one of the world's greatest gathering places.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
10 hours ago
- Mid East Info
Cenomi Retail announces the signing of a share purchase agreement between its founding shareholders and Al-Futtaim for the sale of 49.95% stake to Al-Futtaim
Al-Futtaim enters into a Share Purchase Agreement SPA to acquire 49.95% of Cenomi Retail from its founding shareholders namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. Shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. • Al-Futtaim and Cenomi Retail are currently negotiating, as part of the SPA completion conditions, entering into a shareholder loan agreement for the provision of an amount not less than SAR 1.3 billion shareholder loan upon completion of the transaction, to strengthen Cenomi Retail's balance sheet and fuel its growth ambitions. • Al-Futtaim, as a strategic investor, and a prominent private business group, brings strategic alignment, operational strength, and long-term confidence in Cenomi Retail's growth strategy. • This milestone of a foreign direct investment aims to reinforce Saudi Arabia's position as a premier destination for global capital, while advancing Vision 2030 goals through private sector empowerment, scalable retail expansion, and digital transformation. Dubai, United Arab Emirates,July 2025: Cenomi Retail, Saudi Arabia's leading retail brand partner, today announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region's most prominent and diversified private business groups. Pursuant to the SPA, Al-Futtaim will acquire a 49.95% stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail's balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail sector. This strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company's transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders. Al-Futtaim is one of the region's most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa. The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail's platform and future growth trajectory. Fawaz Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction: 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.' Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.' Salim Fakhouri, Chief Executive Officer at Cenomi Retail: 'Today's announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.' Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all shareholders. The transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses. Cenomi Retail was supported by its exclusive financial advisor, Lazard, throughout this transaction execution. J.P. Morgan was appointed by Al-Futtaim as its exclusive financial advisor with respect to the transaction. About Al-Futtaim: Established in the 1930s as a trading business, Al-Futtaim today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab across 18 countries in the Middle East, North Africa and Asia, the Group spans key sectors including automotive, financial services, real estate, retail, and health. Al-Futtaim's work is driven by a clear purpose: to enrich lives and elevate communities through practical, forward-looking a workforce of nearly 33,000 people, Al-Futtaim represents a portfolio of over 200 of the world's most recognised and trusted brands, including Toyota, Lexus, IKEA, ACE, Marks & Spencer, and many a strong focus on digital innovation and artificial intelligence, sustainable growth, strategic partnerships, and empowering its people, Al-Futtaim's approach is anchored in long-term value creation. Its integrated business model positions the Group as a reliable partner to stakeholders—supporting customers, communities, and collaborators alike in navigating the needs of today while planning for tomorrow. Underpinned by the values of respect, excellence, collaboration, and integrity, Al-Futtaim continues to build a legacy that reflects its responsibility to people, progress, and the planet. About Cenomi Retail: Cenomi Retail, formed as Fawaz A. Alhokair & Co in 1990 by Fawaz, Abdulmajeed and Salman Alhokair. The company has since become the leading franchise retailer in KSA and the only listed business of its type in the Middle East. Since the opening of its first store in 1991, Cenomi Retail has grown considerably and now trades in 808 stores across 165 shopping malls in 8 countries, with a retail platform covering a total GLA of about 332 thousand square meters. All of this is managed by a workforce numbering more than 7,000. Cenomi Retail currently represents 47 brands, spanning womenswear, kids and baby, department stores, shoes and accessories, cosmetics in addition to operating a series of restaurants and coffee shops.
Daily News Egypt
a day ago
- Daily News Egypt
Suez Canal Bank partners with CRIF Egypt to advance sustainability through Synesgy
Suez Canal Bank has signed a cooperation protocol with CRIF Egypt to introduce the Synesgy platform, reaffirming its commitment to advancing sustainability. This innovative platform enables clients to evaluate and improve their sustainability performance, aligning with the bank's dedication to adopting Environmental, Social, and Governance (ESG) principles in support of Egypt's Vision 2030 for sustainable development. The signing ceremony was attended by Akef El Maghraby, CEO and Managing Director of Suez Canal Bank; Shehab Zidan, Deputy CEO and Managing Director, along with the heads of Corporate Banking, Corporate Finance & Investment Banking, and Sustainability & Sustainable Finance departments. From CRIF, attendees included Marco Preti, CEO of CRIBIS D&B and General Manager of CRIF Group; Manjeet Chhabra, Managing Director of CRIF UAE & Egypt; and Emad Kozman, Country Manager of CRIF Egypt. This partnership highlights Suez Canal Bank's strategy to integrate ESG practices into its operations and empower clients—particularly small and medium-sized enterprises (SMEs)—to measure and strengthen their sustainability initiatives. Developed by CRIF, a global leader in digital solutions and business information, Synesgy provides a comprehensive suite of tools that enable businesses to assess their ESG performance and make informed, responsible business decisions. The Synesgy platform helps integrate sustainability standards into daily business operations by offering detailed key performance indicators and advanced tools for evaluating ESG compliance. These features allow businesses to proactively manage risks, align with regulatory expectations, and adhere to local and international sustainability standards. Moreover, adopting the platform can enhance a company's reputation, making it more appealing to investors and customers who prioritise sustainability. To ensure the effective adoption of Synesgy, Suez Canal Bank organised a dedicated workshop for senior executives, department heads, and relationship managers. This training equips them to better support clients in integrating the platform into their operations. This initiative aligns with Suez Canal Bank's broader vision to deliver innovative banking services that actively contribute to sustainable development goals. By enabling businesses to address environmental and social challenges, the bank is also helping unlock new avenues for sustainable economic growth in Egypt. Commenting on the partnership, Akef El Maghraby stated: 'This collaboration reflects the bank's dedication to embedding ESG into our banking practices and equipping our clients with the tools they need to make responsible decisions that enhance their business sustainability.' Marco Preti, CEO of CRIBIS D&B and General Manager of CRIF Group, added: 'We are pleased to partner with Suez Canal Bank to bring the Synesgy platform to Egypt. This marks an important step in supporting businesses to enhance their sustainability practices through advanced data and technology, helping them evaluate and improve their ESG performance.' CRIF is globally recognised as one of the leading credit rating agencies licensed by the European Securities and Markets Authority (ESMA). The company specialises in producing financial, commercial, and technical creditworthiness reports, alongside sustainability assessments that provide valuable insights for business, investment, and credit decision-making. Established in 1988 in Bologna, Italy, CRIF now operates in over 40 countries across four continents. Its services are used daily by more than 10,500 banks and financial institutions, 82,000 businesses, and over one million individual customers worldwide. Since 2016, CRIF has consistently been featured in the prestigious IDF FinTech Top 100 Rankings. Founded in 1978 as an Egyptian joint-stock company, Suez Canal Bank offers a wide range of banking and financial solutions tailored to the needs of corporate and individual clients. Through a network of 53 branches and a robust network of ATMs across Egypt, the bank aims to provide diverse, innovative products and services, as well as flexible financing options that feature competitive interest rates and convenient repayment plans.
Daily News Egypt
a day ago
- Daily News Egypt
ABE signs cooperation protocol to finance beneficiaries of state-owned lands in Minya
Mohamed Abou El-Soud, CEO of the Agricultural Bank of Egypt (ABE), met with Emad Kedwany, Governor of Minya, as part of a tour by the bank's executive management across Upper Egypt governorates. The visit aimed to strengthen collaboration with local authorities to advance agricultural development, empower farmers, and attract greater investment into the sector and its associated activities. It also aligns with national objectives for food security, sustainable development, and Egypt's Vision 2030. During the meeting, Abou El-Soud and Governor Kedwany signed a cooperation protocol to finance beneficiaries, farmers, and agricultural investors allocated land from state-owned assets. The initiative is designed to reinforce national efforts to enhance food security and establish new agricultural communities following the legalisation of previously informal landholdings. Under the protocol, ABE will provide a tailored package of facilitated financing to beneficiaries of legalised state-owned land, in accordance with its credit policies. This support includes funding for the purchase of agricultural production inputs, machinery and equipment, well drilling, and the installation of modern irrigation systems. The objective is to boost productivity among smallholder farmers, expand land reclamation, and maximise land value by formally integrating it into the national economy. As part of the visit, the two officials also attended a ceremony marking the delivery of 130 microbuses in Minya, under the second phase of a vehicle replacement initiative. This programme targets old pickup trucks previously used for passenger transport, replacing them with modern microbuses financed by the bank. The goal is to improve the public transport network in the governorate, offering safer, higher-quality services in rural villages and contributing to a better quality of life for residents. Abou El-Soud emphasised the importance of replacing outdated pickup trucks with safer microbuses to improve commuting between villages and cities. He noted that the programme is backed by accessible financing solutions featuring attractive benefits, low annual interest rates, and repayment over seven years in equal monthly instalments. He praised the strong cooperation between the bank and the governorate, highlighting their shared commitment to enhancing the bank's role in agricultural and rural development and improving living standards across Minya. He added that through this initiative, the bank offers unprecedented loan facilities and flexible terms that support social protection for vehicle owners, increase their income, and help them comply with traffic regulations and local directives. The broader aim is to gradually eliminate unsafe pickup trucks from passenger transport, providing residents with more secure and comfortable alternatives. Additionally, the environmental benefits are significant, as the new microbuses operate on dual fuel (natural gas and gasoline), aligning with Egypt's national strategy for cleaner energy and environmental sustainability. Governor Kedwany described the initiative as a transformative step for the public transport system in Minya, calling it the culmination of a comprehensive plan launched in February to modernise transport services. The project aims to provide residents of Minya with modern, safe, and dignified transportation options that safeguard their rights and wellbeing. He noted that the initiative is already showing positive results, with official figures indicating a 40% decrease in accident rates in recent months. Importantly, Minya recorded zero pickup truck-related accidents during April and May, following the enforcement of a ban on using such vehicles for passenger transport. Kedwany described this as clear evidence of the programme's success and its effectiveness in protecting lives.
