MILAN, Jan. 17 (Class Editori) — New 940 million euros contract for Webuild in Saudi Arabia to build a multi-storey mega car park for 10,500 vehicles in Riyadh, the Diriyah Square-Package 2 Super-Basement Works — developed on three levels and completely underground, with a total built up area of about 1 million square meters. The works commissioned by Diriyah Gate Development Authority (DGDA) will employ over 9,000 people. The car park is part of the Diriyah Gate Development, the ambitious urban development project in Ad Diriyah, Riyadh's historic district and UNESCO World Heritage Site, which aims to combine socio-economic development opportunities and respect for the area’s cultural identity. The Diriyah Gate Development will lead to the creation of a new district along the Western Ring Road, in north-western Riyadh, covering a total area of 7 square kilometres.
The architecture and design of the district will be inspired by the traditional Najdi style, with the development of a real people-friendly network, with pedestrian streets, public squares, courtyards, souks and bazaars, to recreate the authenticity of a Saudi village. The contract awarded to the Italian Group, through its subsidiary Salini Saudi Arabia, will be the core of this entire project, which includes the construction of civil and structural works, tunnels and other connected works to the district's huge mega park.
Webuild has been active in Saudi Arabia since 1966, when it started hydraulic works in the Mecca, Jeddah and Riyadh areas. Subsequently, it has built fifty health facilities — some of them of considerable size — and projects of international scope in Riyadh, such as the Al Faisaliah District Redevelopment Project and the Kingdom Centre — which was awarded the 2002 Emporis Skyscraper Award as the best skyscraper in the world for its design — as well as the Shuaibah III Expansion II IWP desalination plant, completed by its subsidiary Fisia Italimpianti. The company is currently involved in the Saudi Kingdom with the construction of Riyadh’s Metro Line 3 — the longest one (42 km) of the new metro system in the Saudi capital —, the SANG Villas housing and urbanization plan in Riyadh, and the expansion of the King Faisal Air Academy and the King Salman Air Base.
According to an analyst, the contract represents 9% of Webuild's 2021 orders (worth 10.8 billion euros, including 390 million euros of tenders in which the group was identified as the best bidder) and its stock jumped by 3.39% to 2.074 euros. "95% of last year's orders were in core/low-risk geographies, including Italy, the US, Australia, France, Northern Europe," the analyst added, recalling that on January 14, the company disclosed its 2021 net financial position of 100-200 million in net cash compared to a forecast of 300-500 million in net debt. "We remain confident in the Group's future prospects, also supported by the integration of Astaldi, which improves its positioning: size and domestic exposure, cost structure and its already solid growth prospects," he concluded, "in low-risk geographies driven by stimulus plans with 10 billion euros in rail works included in the RRP for 2022 and 2023."
(Source:Class Editori)
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