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PIF-backed master developer Diriyah has awarded its largest single contract to date: A joint venture comprising local contractor El Seif Engineering Contracting (Esec) and Chinese state-owned construction company China State Construction Engineering Corp (Cscec) were awarded a SAR 7.8 bn contract to develop a mixed-use district in the north of Diriyah, according to a statement by Diriyah.
What we know: The JV will build a new mixed-use district that will be home to educational institutions, cultural venues, offices and a luxury hotel, according to the statement. Construction work is set to begin starting Q3 this year.
About Diriyah: Established in 2022, the Diriyah Company was tasked with developing Diriyah — the ancestral home of the royal family at a cost of USD 63 bn. The development, which spans 14 square kilometers, is set to be home to 28 hotels, 18k residential units, 566k sqm in retail space in gross floor area and others.
The JV is well acquainted with Diriyah: The joint venture is implementing infrastructure work at the project, including building road tunnels and the world’s largest-ever single concrete pour of 6.1k cubic meters as part of the work. It is carrying out the work under an earlier USD 1.8 bn contract that was awarded to the JV in June 2021.
