Diriyah's $2.13bn deals fast-track Arena district, retail heart

DIRIYAH, Saudi Arabia's ambitious historical, cultural, and lifestyle destination, continues to gather momentum, with significant new contracts and luxury launches reshaping Riyadh’s heritage heart.

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This 14-sq-km urban development, built around the UNESCO-listed At-Turaif site and backed by the Public Investment Fund (PIF), is poised to be a major contributor to Saudi Arabia's Vision 2030 with its transformation as one of the kingdom's most important cultural and lifestyle destinations. It aims to accommodate 100,000 residents, generate over 178,000 jobs, attract 50 million annual visits, and directly contribute approximately $18.6 billion to the nation’s GDP.

Diriyah Company, the project's developer, last month awarded two contracts worth a total of $2.13 billion, highlighting the swift progress being made across its diverse asset portfolio.

A contract valued at $1.53 billion has been granted to Branch of China Harbour Engineering Company for the construction of the “Arena Block”. This mixed-use district will feature the Diriyah Arena, a multipurpose indoor venue capable of seating 20,000 spectators for various events including concerts, sporting events, esports competitions, exhibitions, and live shows. Designed by global architecture firm HKS Inc, the arena takes inspiration from the surrounding geology and traditional Najdi architecture, seamlessly merging heritage and modernity. Far more than an entertainment venue, the arena aims to be a focal point for community life, offering space for concerts, sporting events, exhibitions, and live shows.