Diriyah Co. Awards $5bn in H1 Contracts to Boost Tourism Push
Diriyah Co., backed by Saudi Arabia's sovereign wealth fund, awarded contracts worth SR18.75 billion ($5 billion) in the first half of 2025.
RIYADH: Diriyah Co., supported by Saudi Arabia's sovereign wealth fund, has granted agreements valued at SR18.75 billion ($5 billion) during the initial six months of 2025.
These contracts signify a significant acceleration in the redevelopment of the historic capital, as outlined in the company's press release.
The overall scope encompasses 15 separate agreements that include six memorandums of understanding and nine construction projects.
This substantial increase in contract values underscores the project's expanding reach and ambition.
Since the opening of Bujairi Terrace and At-Turaif District in December 2022, Diriyah has welcomed over 3.6 million visitors, with the company projecting a target of 50 million annual visits by 2030.
The strategic initiatives, aligned with Saudi Vision 2030, are expected to contribute approximately SR70 billion annually to the national economy while generating around 180,000 jobs, as per Diriyah's assertions.
Kiran Haslam, chief marketing officer at Diriyah Co., highlighted: "The contracts we have secured, exceeding SR18 billion, demonstrate the gravity of the Diriyah masterplan and our commitment to enhancing and celebrating our cultural and historical significance while accelerating toward Vision 2030 targets".
These results underline Diriyah's dedication to establishing itself as a premier integrated urban development.
One of the most notable agreements is a joint venture valued at SR5.1 billion, involving El Seif Engineering, Midmac Construction, and China State Construction Engineering Corp., aimed at constructing the Royal Diriyah Opera House – a flagship performing arts venue for the site.
Another substantial project involves relocating utilities and administrative offices for King Saud University under a SR4.23 billion contract awarded to a joint venture consisting of China Railway Construction Corp. and China Railway Construction Group Central Plain Construction Co. Ltd. Additionally, construction has commenced at Diriyah Arena, a multipurpose venue inspired by Najdi architectural heritage, with a SR5.75 billion superblock contract granted to China Harbor Engineering.
Furthermore, the retail precinct at Diriyah Square secured a SR2.25 billion agreement in July to Salini Saudi Arabia, part of Italy's WeBuild group, covering 73 buildings and 400 retail units.
Haslam emphasized: "During this period (first half of this year), Diriyah has made impressive strides, from awarding the Royal Diriyah Opera House project to securing contracts for transformative developments like Diriyah Arena and Diryah Square".
These projects aim to create modern landmarks that offer unique experiences in hospitality, entertainment, and culture.
The initiatives reflect broader efforts to enhance Saudi Arabia's cultural and entertainment offerings.
Diriyah has introduced new residential options such as Aman Residences and Armani Residences and launched a signature "Diriyah Tan" color in collaboration with Pantone, symbolizing the city's architectural heritage.
Diriyah's global recognition has been growing.
It was recognized by TIME magazine among the 100 most influential companies of 2025 and featured on Wanderlust’s Travel Green List for its sustainability efforts.
As ongoing developments unfold across infrastructure, hospitality, and culture, Diriyah is positioning itself as a vital component in Saudi Arabia's tourism sector, especially with the upcoming Riyadh Expo 2030.
The article provides an overview of Diriyah Co.'s ambitious redevelopment plans and its commitment to enhancing cultural, historical, and economic significance, driven by strategic partnerships and infrastructure projects.
These contracts signify a significant acceleration in the redevelopment of the historic capital, as outlined in the company's press release.
The overall scope encompasses 15 separate agreements that include six memorandums of understanding and nine construction projects.
This substantial increase in contract values underscores the project's expanding reach and ambition.
Since the opening of Bujairi Terrace and At-Turaif District in December 2022, Diriyah has welcomed over 3.6 million visitors, with the company projecting a target of 50 million annual visits by 2030.
The strategic initiatives, aligned with Saudi Vision 2030, are expected to contribute approximately SR70 billion annually to the national economy while generating around 180,000 jobs, as per Diriyah's assertions.
Kiran Haslam, chief marketing officer at Diriyah Co., highlighted: "The contracts we have secured, exceeding SR18 billion, demonstrate the gravity of the Diriyah masterplan and our commitment to enhancing and celebrating our cultural and historical significance while accelerating toward Vision 2030 targets".
These results underline Diriyah's dedication to establishing itself as a premier integrated urban development.
One of the most notable agreements is a joint venture valued at SR5.1 billion, involving El Seif Engineering, Midmac Construction, and China State Construction Engineering Corp., aimed at constructing the Royal Diriyah Opera House – a flagship performing arts venue for the site.
Another substantial project involves relocating utilities and administrative offices for King Saud University under a SR4.23 billion contract awarded to a joint venture consisting of China Railway Construction Corp. and China Railway Construction Group Central Plain Construction Co. Ltd. Additionally, construction has commenced at Diriyah Arena, a multipurpose venue inspired by Najdi architectural heritage, with a SR5.75 billion superblock contract granted to China Harbor Engineering.
Furthermore, the retail precinct at Diriyah Square secured a SR2.25 billion agreement in July to Salini Saudi Arabia, part of Italy's WeBuild group, covering 73 buildings and 400 retail units.
Haslam emphasized: "During this period (first half of this year), Diriyah has made impressive strides, from awarding the Royal Diriyah Opera House project to securing contracts for transformative developments like Diriyah Arena and Diryah Square".
These projects aim to create modern landmarks that offer unique experiences in hospitality, entertainment, and culture.
The initiatives reflect broader efforts to enhance Saudi Arabia's cultural and entertainment offerings.
Diriyah has introduced new residential options such as Aman Residences and Armani Residences and launched a signature "Diriyah Tan" color in collaboration with Pantone, symbolizing the city's architectural heritage.
Diriyah's global recognition has been growing.
It was recognized by TIME magazine among the 100 most influential companies of 2025 and featured on Wanderlust’s Travel Green List for its sustainability efforts.
As ongoing developments unfold across infrastructure, hospitality, and culture, Diriyah is positioning itself as a vital component in Saudi Arabia's tourism sector, especially with the upcoming Riyadh Expo 2030.
The article provides an overview of Diriyah Co.'s ambitious redevelopment plans and its commitment to enhancing cultural, historical, and economic significance, driven by strategic partnerships and infrastructure projects.
