Saudi-Chinese joint venture wins $306 million contract for
Qiddiya Stadium Façade
A joint venture between China’s Fangda Group and Saudi Arabia’s IKK Group has won a SAR1.147 billion (US$306 million) contract to design, supply and install façade systems at the Prince Mohammed bin Salman Stadium in Qiddiya City, near Riyadh.
The agreement was signed on October 18 with Uptown Stadium Construction JV, the project’s main contractor, formed by Spain’s FCC Construcción and Saudi Arabia’s Nesma & Partners Contracting. The contract value includes VAT, while the amount excluding tax stands at approximately SAR997 million.
Under the agreement, IKK Fangda JV Company will deliver curtain wall systems across two designated sections of the development. The first covers the main stadium, while the third encompasses the museum and surrounding buildings. The contract stipulates a completion period of 863 days.
Fangda holds majority stake in joint venture
Fangda Group holds a 51% stake in the joint venture through its subsidiary, Shihui International Holdings. Saudi Arabia’s IKK Group owns the remaining 49% through Isam Kabbani & Partners.
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Stadium embodies the future of Saudi sports and urban identity
Fangda, which is listed on the Shenzhen Stock Exchange, disclosed the contract in a stock exchange filing on October 19. The company said the award represents approximately 60.7% of its audited revenue for 2025, underlining the contract’s significance to its business.
The project also strengthens Fangda’s presence in the Middle East, where major construction and infrastructure developments are creating opportunities for international building materials and façade specialists.
Landmark stadium planned for 2034 FIFA World Cup
The Prince Mohammed bin Salman Stadium is being developed on the edge of the 200-metre Tuwaiq cliff in Qiddiya City. Designed by US- based architecture firm Populous, the venue is planned to accommodate approximately 45,000 spectators.
Its proposed features include a retractable roof and a retractable pitch, forming part of a design intended to support major sporting events and entertainment activities.
The stadium is among the venues planned for the 2034 FIFA World Cup, which Saudi Arabia is scheduled to host. Qiddiya Investment Company is the project client.
The development forms part of Qiddiya City’s wider ambition to establish a major destination for sports, entertainment and leisure outside Riyadh.
Contract expands international project portfolio
For Fangda, the stadium façade award represents a substantial addition to its international order book and supports its efforts to expand across Middle Eastern markets.
Read More Populous
unveils futuristic Qiddiya stadium, a hub of entertainment and sport in Saudi
Arabia
The contract also highlights the international partnerships underpinning Saudi Arabia’s large-scale construction programme, with Chinese façade expertise, Saudi contracting companies and European construction firms contributing to a landmark stadium project.
As work progresses, the delivery of the curtain wall systems will be a key component of the stadium’s architectural execution and the broader development of Qiddiya City’s sports infrastructure.
Source: Construction Business News
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