RIYADH, July 10 (Xinhua) -- China State Construction Engineering Corporation (CSCEC), a Chinese state-owned construction giant, secured on Wednesday a major contract in Saudi Arabia.
The company is one of the two companies awarded a contract worth more than 2 billion U.S. dollars to build a new mixed-use district north of Diriyah, a town near the Saudi capital of Riyadh.
The Diriyah Company, which operates the development project in Diriyah, announced the district's creation on Wednesday, stating that the joint venture with El Seif Engineering Contracting Co. Ltd (ESEC) will include educational institutions, cultural venues, modern offices, and a luxury hotel.
The project marks the Diriyah Company's largest single contract to date and is considered a flagship development within the broader Diriyah area. Construction is expected to begin in the third quarter of 2024.
"The agreement with CSCEC is a further example of the ever-closer economic ties and constructive business partnerships that are being built between Saudi Arabia and China," said Diriyah Company Group CEO Jerry Inzerillo.
Wei Chuanhai, CEO of CSCEC's Saudi Arabia branch, said that the contract marks another landmark opportunity for CSCEC to work with the ESEC and the Diriyah Company in building "an extraordinary new city on the outskirts of Riyadh."
"We are delighted to be working on such a large-scale and ambitious project once more," Wei added.
Located a short drive from Riyadh's city center, the 14-square-km Diriyah development holds historical significance as the birthplace of the Kingdom of Saudi Arabia, dating back to 1727. The project is considered a key component of Saudi Arabia's Vision 2030 economic diversification plan.
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