Saudi Arabia:

Diriyah Company has awarded contracts worth more than SAR7.8 billion ($2 billion) for the development of a mixed-use district in the ancient Saudi city.

Announcing the contract award, Diriyah Company said it involves the construction of advanced educational institutions, cultural venues, modern offices, and a luxury hotel.

The contracts, the largest ever awarded in the company's history were inked with a joint venture of El Seif Engineering Contracting Company (ESEC) and China State Construction Engineering Corporation (CSCEC). The work is set to begin in the third quarter of this year.

The mega mixed-use district, which will come up in the northern part of Diriyah, will be executed by some of the most prominent real-estate developers from Saudi Arabia and around the world, contributing to the realization of the Diriyah Company, which represents one of the most important historical and cultural destinations in the Kingdom and a key project of Saudi Vision 2030.

"This represents a major step in our accelerating development strategy and commitment to making Diriyah one of the most important and prominent tourist, humanitarian, and cultural destinations in the world,” said Diriyah Company Group CEO Jerry Inzerillo after signing the deal with ESEC Chief Executive Officer Engineer Ahmed Al Bassam and CSCEC's KSA Branch CEO Chuanhai Wei.

"This contract is one of the largest in terms of size, scope, and significance within the development plan for the Diriyah project," stated Inzerillo.

"This agreement also represents another example of the close economic relations and strong commercial partnerships being established between Saudi Arabia and China," he added.

According to him, the agreement was a testament to the local and global stature of the Diriyah project and its ability to attract more economic opportunities to the kingdom.

"The project offers tremendous investment opportunities and an attractive business environment characterized by the highest standards of governance, contributing to increasing job opportunities, raising the gross domestic product, and making Diriyah the world's premier destination for heritage and culture," he added.