Diriyah plans to award contracts worth $8-9bn in 2024

 

Diriyah to award $8-9bn contracts in 2024

Saudi Arabia's gigaproject developer, Diriyah Company, aims to award contracts worth SR30-35bn ($8-9bn) this year for its Diriyah Gate project in Riyadh, according to company president Mohammad Saad. Speaking at the MEED Saudi Giga Projects event in Riyadh, Saad highlighted the project's progress and future plans.

"We have awarded about SR53bn-worth of contracts so far and this year we will award about SR30-35bn-worth of contracts to achieve our targets," Saad stated. He also noted that some project assets have already been completed and that the development will complement the Riyadh Expo 2030 due to its proximity.

 

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To address project delivery challenges common to gigaprojects, Saad explained that Diriyah has implemented a superblock strategy. "We combine assets for particular developments and have seen a positive response from contractors," he said. Additionally, Diriyah has revised its procurement strategy to ensure a steady pipeline for project delivery, working closely with both local and international suppliers.

Diriyah Gigaproject

The Diriyah masterplan envisions the area as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city center, the project spans 14 square kilometers and integrates 300 years of history, culture, and heritage with modern hospitality facilities.

The development will include entertainment, retail, educational, business, and residential zones, featuring hotels, food and beverage amenities, and several museums. The mixed-use traditional urban community will be created in the Najdi architectural style, reminiscent of ancient Saudi villages.

 

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The historic city of Al Turaif, the project's centerpiece, was built in 1766 and designated a UNESCO World Heritage Site in 2010. Once completed, Diriyah will have the capacity to accommodate 100,000 residents and visitors.

Source: Meed