Saudi Arabia: Diriyah Co., backed by Saudi Arabia’s sovereign wealth fund, awarded contracts worth SR18.75 billion ($5 billion) in the first half of 2025, as the historic capital’s redevelopment speeds up. 

The total value of contracts, spanning 15 agreements including six memorandums of understanding and nine construction projects, underscores the project’s expanding scale, according to a press release.  

Since opening Bujairi Terrace and the At-Turaif District in December 2022, the site has welcomed more than 3.6 million visitors, with Diriyah targeting 50 million annual visits by 2030. 

Aligned with Saudi Vision 2030, Diriyah’s developments are expected to contribute over SR70 billion annually to the national economy and create 180,000 jobs, the company said. 

“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 Haslam, chief marketing officer at Diriyah Co., told Arab News.  

He added: “These results illustrate our commitment and accelerating progress in establishing Diriyah as a truly world-class integrated urban development.”  

Among the largest agreements is a 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 be the site’s flagship performing arts venue.  

Another major project is the relocation of utilities and administration offices for King Saud University, secured in April under a SR4.23 billion contract awarded to a joint venture comprising China Railway Construction Corp., and China Railway Construction Group Central Plain Construction Co. Ltd.  

Construction is also underway at Diriyah Arena, a multipurpose venue honoring Najdi architectural heritage, for which a SR5.75 billion superblock contract was awarded to China Harbor Engineering.  

Meanwhile, Diriyah Square’s retail precinct saw a SR2.25 billion contract awarded in July to Salini Saudi Arabia, part of Italy’s WeBuild group, covering 73 buildings and 400 retail units. 

“During this period (first half of this year), Diriyah has made impressive progress, from awarding the Royal Diriyah Opera House project to awarding contracts for transformative developments like Diriyah Arena and Diriyah Square,” Haslam told Arab News.  

He added: “These projects aim to create not only modern landmarks but also unique experiences that redefine hospitality, entertainment, and culture, offering something special to Saudi Arabia and the world.” 

The projects are part of broader efforts to enhance the Kingdom’s cultural and entertainment offerings.  

Diriyah has also introduced new residential developments, such as the Aman Residences and Armani Residences, and launched its signature “Diriyah Tan” color in collaboration with Pantone to reflect the city’s architectural heritage. 

Diriyah’s international recognition has increased in recent years. TIME magazine included it among the 100 most influential companies in 2025, and it appeared on Wanderlust’s Travel Green List for its sustainability efforts.