Latest news with #DiriyahCo
Arab News
4 days ago
- Business
- Arab News
Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor
JEDDAH: Saudi Arabia's entertainment landscape is set for a major boost with the awarding of a SR5.75 billion ($1.53 billion) contract to construct a 20,000-seat arena as part of the Diriyah development. Diriyah Co., a subsidiary of the Public Investment Fund, has awarded the contract to a branch of China Harbor Engineering Co. for the Arena Block, a district that will include the Diriyah Arena, three mixed-use office buildings, and a parking facility, the company announced. Spanning approximately 74,000 sq. meters, the Diriyah Arena is designed to host concerts, sports, esports, exhibitions, and live performances to attract residents and international visitors. The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan and aims to transform the Kingdom's economic and tourism sectors. Upon completion, it is expected to contribute around SR70 billion to the gross domestic product, generate nearly 180,000 jobs, and accommodate approximately 100,000 residents. '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,' Jerry Inzerillo, group CEO of Diriyah Co., said. The contract is the latest step in the company's ongoing 2025 development drive, marking continued progress on the project. Yang Zhiyuan, CEO of the Chinese firm for the Middle East, said: 'CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record in delivering the complex.' Designed by global firm HKS Inc., the structure blends traditional Najdi architecture with modern elements, reflecting Diriyah's cultural heritage and global outlook. The broader Arena Block will also include three mixed-use office buildings designed by John McAslan + Partners, covering 114,000 sq. meters, along with over 4,000 parking spaces to support the stadium and surrounding offices.
Arab News
6 days ago
- Business
- Arab News
Italian firm Webuild secures $600m contract as Diriyah project gains pace
JEDDAH: Saudi Arabia's Diriyah Square project has awarded a $600 million contract to Italian construction firm Webuild, marking a major step forward for the Kingdom's heritage-driven development. The contract, awarded to a subsidiary of the Italian group — Salini Saudi Arabia — covers the construction of 70 buildings and public spaces within the mixed-use development, which forms part of the broader Diriyah master plan. With this latest award, Webuild's total involvement in the sit, known as the City of Earth, now stands at roughly $2 billion, the company said in a statement. Diriyah Square is a central component of Diriyah Co.'s strategy to transform the historic district into a commercial, residential, and cultural hub. The project is one of five giga-projects backed by Saudi Arabia's Public Investment Fund, aimed at reshaping the Kingdom's economy and tourism offering under the Vision 2030 plan. Diriyah will contribute approximately SR70 billion ($18.6 billion) directly to the Kingdom's gross domestic product, create nearly 180,000 jobs and will be home to an estimated 100,000 people. Diriyah Co.'s group CEO Jerry Inzerillo said: 'Diriyah Square is one of our most exciting, anticipated and prestigious districts, and we are extremely pleased to have signed with Salini to deliver it, bringing their immense global experience to the table.' He added that this marks another important milestone in their development journey, paving the way for Diriyah Square's retail spaces to welcome a diverse range of visitors — from nearby residential communities and surrounding office hubs to the millions who visit each year. The contract covers Package 3 Finishing and mechanical, electrical, and plumbing, delivering a pedestrian-friendly environment in traditional Najdi style across 365,000 sq. meters. Webuild is also working on the 10,500-space underground parking facility, awarded in 2022 and currently 55 percent complete, alongside structural packages 3, 6, and 7. According to Diriyah Co., the project aims to create a retail district showcasing 400 brands across retail, leisure, and dining. In a statement released by Webuild, CEO Pietro Salini said: 'We are proud to be able to contribute to a project of such symbolic and strategic value for Saudi Arabia. Our presence in the Kingdom will be further strengthened by work that will have a positive impact on the area as well as the local community.' He added that the company has operated in Saudi Arabia since 1966 and has completed more than 90 projects. 'We continue to support the country to develop some of the most challenging infrastructure projects in the world, especially in sectors such as civil buildings, sustainable mobility, and desalination,' Salini said.
Arab News
01-06-2025
- Business
- Arab News
Saudi Arabia's Diriyah Co., Kakao Mobility sign deal to boost smart mobility
RIYADH: Diriyah Co., backed by Saudi Arabia's Public Investment Fund, has signed a memorandum of understanding with South Korea-based Kakao Mobility to enhance smart mobility infrastructure across the historic city of Diriyah. Announced in a post on X, the agreement is designed to develop integrated transportation solutions to accommodate the 50 million annual visitors projected during the first phase of the Diriyah project. The partnership will see Kakao Mobility contribute to the implementation of digital transport systems, seamless transit services, and smart parking infrastructure. The initiative aligns with Saudi Arabia's broader push to diversify its economy and reduce its dependence on oil, as outlined in Vision 2030. 'Mobility to shape the future of urban mobility. This collaboration brings smart, sustainable solutions to life, enhancing the digital movement experience for over 50 million annual visits by 2030,' Diriyah Co. stated in its post on X. The agreement marks the beginning of a phased rollout, starting with a smart parking pilot. The project also includes plans for a fully integrated prototype for smart parking and the deployment of advanced digital systems to streamline urban movement within Diriyah. In addition to enhancing visitor mobility, the collaboration supports Saudi Arabia's National Tourism Strategy, which aims to attract 150 million visitors annually by 2030. The company emphasized that the digital platform under development will connect key destinations within Diriyah, contributing to sustainable urban mobility and reinforcing the Kingdom's commitment to innovation and smart city solutions. Once completed, the Diriyah development is expected to contribute SR18.6 billion ($4.96 billion) to the Kingdom's gross domestic product and create approximately 178,000 jobs. In April, Diriyah Co. awarded a contract worth SR5.1 billion for the construction of the Royal Diriyah Opera House — a major cultural project. The contract was granted to El-Seif Engineering Contracting, Midmac Contracting Co. W.L.L., and China State Construction Engineering Corp.
Argaam
13-02-2025
- Business
- Argaam
Diriyah to unveil Saudi Champs-Élysées by end of 2025: CEO
A Saudi version of the Champs-Élysées is set to be unveiled in Diriyah, with an official announcement expected by the end of 2025, Diriyah Co. CEO Jerry Inzerillo revealed. Speaking at a panel during the PIF Private Sector Forum, Inzerillo stated that the project's name will be announced at the Future Investment Initiative (FII). He also noted that Crown Prince Mohammed bin Salman personally selected the name, predicting that it will gain global recognition within a few years. The 1.9-kilometer-long boulevard will feature key attractions, including the Saudi Museum of Contemporary Art, an opera house, and the world's largest Apple store, among other landmarks. According to data available with Argaam, Diriyah was established in 2022 as a subsidiary of the PIF to develop Diriyah into a premier global cultural destination. Additionally, the Diriyah Gate Development Authority (DGDA) launched the first phase of the historical Diriyah redevelopment project in June 2020, with a total investment of SAR 75 billion.
