Landmark deals signed to drive $63.2bn Diriyah plan

DIRIYAH Company - the driving force behind Saudi Arabia's $63.2-billion plan to revitalise the kingdom's historic birthplace in Riyadh and transform it into historical, cultural, and lifestyle destination - last month awarded a SAR5.1 billion ($1.4 billion) construction contract for its landmark Royal Diriyah Opera House and surrounding developments.

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Another SAR4.225 billion construction contract was awarded to relocate the existing utilities and administration offices of King Saud University (KSU) within the Diriyah master plan. The deal went to a joint venture comprising China Railway Construction Corporation Limited Saudi Branch (CRCCSA) and China Railway Construction Group Central Plain Construction Co (CRCGCPC).

The developer has also appointed Turner & Townsend, a global professional services company, as the project management and construction management consultant for Diriyah’s Northern District.

These contracts follow a string of significant announcements this year, underscoring the rapid progress of the Diriyah development. These include the launch of the Media and Innovation District; the award of a SAR426-million architecture and design contract to Omrania, a subsidiary of Egis Group, for the Boulevard District project – a dynamic cultural hotspot envisioned as the kingdom’s own Champs-Élysées; and the opening of two major electricity substations in collaboration with the Saudi Electricity Company.

Diriyah Company has also appointed Giza Systems as the smart city delivery partner and IBM Maximo Application Suite for asset management. Other developments include the launch of Saudi Arabia's first Armani-branded residences.

Backed by Saudi Arabia’s Public Investment Fund, the Diriyah project – also known as City of Earth – is an extensive urban development covering a 14-sq-km area on the outskirts of Riyadh. Upon completion, it is projected to house nearly 100,000 residents, provide office space for tens of thousands of professionals, create an estimated 178,000 jobs, attract approximately 50 million annual visitors, and contribute an estimated $18.6 billion (SAR70 billion) directly to Saudi Arabia’s GDP.