Diriyah Co. awarded contracts worth $5 billion in first half of 2025
Diriyah Co., the development powerhouse backed by Saudi Arabia’s sovereign wealth fund, has awarded contracts worth SR18.75 billion ($5 billion) in the first half of 2025. This marks a significant acceleration in the redevelopment of Diriyah, as the historic district continues to evolve into a global cultural and tourism hub.
The contracts, which include 15 agreements spanning six memorandums of understanding (MOUs) and nine construction projects, underscore the growing scale of the ambitious Diriyah masterplan.
Since the opening of Bujairi Terrace and the At-Turaif District in December 2022, Diriyah has attracted over 3.6 million visitors. The goal is to reach 50 million annual visits by 2030. As part of Saudi Vision 2030, Diriyah’s ongoing developments are expected to contribute over SR70 billion annually to the national economy and generate 180,000 new jobs, according to a company statement.
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“These contracts, exceeding SR18 billion, reflect the strength of the Diriyah masterplan and our commitment to enhancing the region’s cultural and historical significance,” said Kiran Haslam, Chief Marketing Officer of Diriyah Co. “Our progress demonstrates the tangible steps we are taking to establish Diriyah as a world-class, integrated urban development that aligns with Saudi Arabia’s Vision 2030.”
Among the most significant contracts is a SR5.1 billion joint venture with El Seif Engineering, Midmac Construction, and China State Construction Engineering Corp. to build the Royal Diriyah Opera House, which will become the centerpiece of the district's performing arts scene.
Another notable development is the relocation of utilities and administrative offices for King Saud University, secured in April with a SR4.23 billion contract awarded to a joint venture of China Railway Construction Corp. and China Railway Construction Group Central Plain Construction Co. Ltd.
Construction is also underway at Diriyah Arena, a multipurpose venue honoring the region’s Najdi architectural heritage, with a SR5.75 billion contract awarded to China Harbor Engineering. Additionally, Diriyah Square’s retail precinct saw a SR2.25 billion contract awarded in July to Salini Saudi Arabia, part of Italy’s WeBuild group, covering 73 buildings and 400 retail units.
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“Over the first half of 2025, Diriyah has made remarkable strides, from launching the Royal Diriyah Opera House to securing major contracts for transformative projects like Diriyah Arena and Diriyah Square,” Haslam noted. “These developments are set to redefine the experiences of hospitality, entertainment, and culture, not just for Saudi Arabia but for the world.”
These projects are part of Diriyah’s broader efforts to enhance the Kingdom’s cultural and entertainment offerings, further establishing the district as a key destination for both local and international visitors.
In addition to these major developments, Diriyah has introduced new residential projects such as the Aman Residences and Armani Residences. It has also partnered with Pantone to launch its signature "Diriyah Tan" color, which pays homage to the city’s architectural heritage.
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Diriyah’s global profile has grown in recent years, with TIME magazine listing it among the world’s 100 most influential companies in 2025. The district also made it onto Wanderlust’s Travel Green List, recognizing its commitment to sustainability.
As it continues to evolve, Diriyah is poised to play a central role in Saudi Arabia’s plans to expand its tourism sector ahead of the Riyadh Expo 2030.
Source: Arab News
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