Saudi Diriyah company awards $5 billion in contracts amid tourism drive

Dubai: Diriyah Company, backed by Saudi Arabia’s sovereign wealth fund, has awarded contracts worth SR18.75 billion ($5 billion) in the first half of 2025, fast-tracking the redevelopment of the historic capital as the Kingdom deepens its tourism push under Vision 2030.

The deals, comprising six memorandums of understanding and nine major construction contracts, mark a rapid expansion of the project. Since the opening of Bujairi Terrace and the At-Turaif District in 2022, Diriyah has drawn more than 3.6 million visitors.

The company aims to lift that number to 50 million annually by the end of the decade.

“The contracts we have secured, exceeding SR18 billion, are not only a testament to the gravitas of the Diriyah masterplan but also demonstrate the tangible way in which we are enhancing and celebrating our cultural and historic significance, whilst advancing toward our Vision 2030 targets,” Kiran Jay Haslam, chief marketing officer at Diriyah, was quoted by Arab Times.

He added that the plan strikes a balance between cultural preservation and economic transformation.

Among the largest deals is an SR5.1 billion joint venture with El Seif Engineering, Midmac Construction, and China State Construction Engineering Corp. to build the Royal Diriyah Opera House, set to become the flagship performing arts venue for the district.

Another major contract, worth SR4.23 billion, went to a China Railway Construction-led consortium to relocate utilities and administration offices for King Saud University.

China Harbor Engineering secured a SR5.75 billion “superblock” contract to build Diriyah Arena, a multipurpose venue inspired by Najdi architectural traditions. In July, Salini Saudi Arabia, part of Italy’s WeBuild group, was awarded SR2.25 billion to construct 73 buildings and 400 retail units at Diriyah Square.

“These projects aim to create not only modern landmarks but also unique experiences that redefine hospitality, entertainment, and culture,” Haslam said.

Diriyah’s redevelopment is expected to contribute more than SR70 billion annually to the Saudi economy and generate 180,000 jobs. The company has also introduced luxury residential offerings such as Aman Residences and Armani Residences, alongside its signature “Diriyah Tan” colour developed with Pantone to reflect the site’s architectural heritage.

The project’s global standing is rising. Diriyah was named by Time magazine as one of the world’s 100 most influential companies in 2025.