Qiddiya Investment Company (QIC) awarded construction contracts of $533m (2bn riyals) on the Qiddiya giga project, since construction kicked off almost one year ago.
Haif & Freyssinet – a joint venture contract between the two local firms – won a three-year $293.150 agreement to construct major roads and bridges on the upper plateau of the site, allowing QIC to cross the 2 billion riyals mark.
All contracts have been fully awarded to Saudi companies, Qiddiya revealed in a statement.
“Reaching the 2bn riyals mark is a very important milestone for us, but what’s more important is that these contracts went through a tough and competitive bid process, and were won by Saudi firms, and this ... supports our intention to contribute to the growth of the domestic economy,” Kareem Shamma, chief development officer of Qiddiya, said.
"In line with the kingdom’s overarching strategy to open the country’s doors to the world, we aspire to create a key tourist destination on the world map," he added.
Shamma noted that despite the virus challenges that many sectors faced, "we ensured all necessary safety precautions and protocols were followed and was able to continue with construction on just and just as planned."