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Diriyah targets $8-9bn contract awards this year

13 May 2024

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The president of Saudi Arabia's gigaproject developer Diriyah Company said he expects the company to award contracts worth SR30-35bn ($8-9bn) this year for its Diriyah Gate project in Riyadh.

"We have awarded about SR53bn-worth of contract awards so far and this year we will award about SR30-35bn-worth of contracts to achieve our targets," Mohammad Saad, Diriyah Company president, told the ongoing MEED Saudi Giga Projects event in Riyadh.

He added that some of the assets have already been completed, and the project will complement the Riyadh Expo 2030, given its proximity to the event.

In response to project delivery challenges facing most gigaprojects, Saad said, "Diriyah has devised a superblock strategy where we combine assets for a particular development and we have seen a positive response from contractors."

"Diriyah has also revised the procurement strategy to secure the pipeline for project delivery by working closely with suppliers within and outside the kingdom."

Diriyah gigaproject

The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it spans 14 square kilometres and combines 300 years of history, culture and heritage with hospitality facilities.

The project will feature entertainment, retail, educational, business and residential areas, including hotels, food and beverage amenities and several museums.

The mixed-use traditional urban community will be created in the Najdi architectural style, typical of ancient Saudi villages.

The historic city of Al Turaif is the centrepiece of Diriyah. Built in 1766, Al Turaif was designated a Unesco World Heritage Site in 2010.

Once complete, Diriyah will have the capacity to house 100,000 residents and visitors.

Follow exclusive coverage from MEED's Saudi Giga Projects summit today and tomorrow on meed.com

MEED's April 2024 special report on Saudi Arabia includes:

> GVT & ECONOMY: Saudi Arabia seeks diversification amid regional tensions
> BANKING: Saudi lenders gear up for corporate growth
> UPSTREAM: Aramco spending drawdown to jolt oil projects
> DOWNSTREAM: Master Gas System spending stimulates Saudi downstream sector
> POWER: Riyadh to sustain power spending
> WATER: Growth inevitable for the Saudi water sector
> CONSTRUCTION: Saudi gigaprojects propel construction sector
> TRANSPORT: Saudi Arabia’s transport sector offers prospects

 

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Yasir Iqbal

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