Diriyah announced US$2 billion mixed -use development in northern region

Diriyah announced over SAR7.8 billion ($2 billion) mixed -use development in northern region. It involves the construction of advanced educational institutions, cultural venues, modern offices, and a luxury hotel. Diriyah Company announced the signing of a contract with El Seif Engineering Contracting Co. Ltd (ESEC), in partnership with China State Construction Engineering Corporation Limited (CSCEC), for a large-scale construction project in the northern part of Diriyah. The project will be executed by some of the most prominent real-estate developers from Saudi Arabia and around the world, contributing to the realization of the Diriyah Company, which represents one of the most important historical and cultural destinations in the Kingdom and a key project of Saudi Vision 2030.
The agreement was signed by Diriyah Company Group chief executive Jerry Inzerillo, ESEC chief executive Eng. Ahmed Al Bassam, and CSCEC’s KSA Branch chief executive Chuanhai Wei. Construction work is set to commence in the third quarter of this year.
“This represents a major step in our accelerating development strategy and commitment to making Diriyah one of the most important and prominent tourist, humanitarian, and cultural destinations in the world,” Inzerillo said.
“This contract is one of the largest in terms of size, scope, and significance within the development plan for the Diriyah project. This agreement also represents another example of the close economic relations and strong commercial partnerships being established between Saudi Arabia and China,” the chief executive said.
The agreement is a testament to the local and global stature of the Diriyah project and its ability to attract more economic opportunities to the Kingdom. The project offers tremendous investment opportunities and an attractive business environment characterized by the highest standards of governance, contributing to increasing job opportunities, raising the gross domestic product, and making Diriyah the world’s premier destination for heritage and culture.