Megaproject agrees US$1bn investment with European firms

Salwa Palace at At-Turaif UNESCO World Heritage site, Diriyah, Saudi Arabia. Image: Adobe Stock

Funded by Saudi Arabia’s Public Investment Fund, the project aims to transform the historic city of Diriyah into one of the Kingdom’s most prominent tourism destination as the country looks to boost economic growth and diversify away from its dependence on oil.

The project will create homes for 100,000 people and aims to become one of Saudi Arabia’s most exciting visitor destinations, targeting 50 million annual visits.

According to Reuters, deals worth nearly $1 billion in total have been agreed with an Italian developer and a French company.

In July it was announced that a US$2 billion joint venture contract has been awarded to Diriyah Company, El Seif Engineering Contracting Co. and China State Construction Engineering Corporation Limited for the creation of a major new mixed-use district in Saudi Arabia to build advanced educational institutions, cultural venues, modern offices, and a luxury hotel.

Diriyah is part of Crown Prince Mohammed bin Salman’s Vision 2030, which also includes projects such as The Line and Trojena.

17 of Saudi Arabia’s biggest construction megaprojects Saudi Arabia is undergoing transformation at breakneck speed, as the Kingdom aims to reduce its dependence on oil under its Vision 2030 project. International Construction takes a look at 17 of Saudi Arabia’s biggest megaprojects