Qiddiya Awards Contracts in Excess of SAR 2 Billion to Saudi Owned Companies

RIYADH, KSA 26 November 2020: The total value of all construction contracts awarded so far by Qiddiya Investment Company (QIC) on the Qiddiya giga project, since construction began some 12 months ago, has reached SAR 2 billion and these contracts have been awarded 100% to Saudi companies.

The most recent contract award, a three-year SAR1.1 billion agreement to construct major roads and bridges on the upper plateau of the site, was recently won by Haif & Freyssinet – a joint venture contract between the two local firms – allowing QIC to cross the SAR2 billion mark.

Commenting on the milestone, Kareem Shamma, Chief Development Officer said: “Reaching the SAR2 billion mark [total value of construction contracts] 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, wholeheartedly, supports our intention to contribute to the growth of the domestic economy. It is also indicative of our continued commitment to creating the Kingdom’s capital of Entertainment, Sports and the Arts. Businesses across the globe have been affected adversely due to the global pandemic but we have been steadfast in our vision, and fortunate to have the continued and unwavering support from our leadership to stay on track, deliver on time and keep moving forward.”

Owned by the Public Investment Fund (PIF) and in accordance with Saudi Vision 2030, QIC aims to prioritize business opportunities for local companies in order to catalyze economic and inclusive growth.

“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. It will not just be a city but rather, a whole new world that promises elevated immersive experiences to visitors. We continue to work with leading Saudi construction companies to ensure we fulfill our promise to the Kingdom.”

Construction progress:

During lockdown, Qiddiya ensured all necessary safety precautions and protocols were followed and was able to continue with construction as planned. Work progressed without interruption as much of the current primary infrastructure work can be done at safe distances, adhering to all Ministry of Health guidelines.

500 units of heavy equipment and 800 workers are currently on-site with the number of construction workers expected to reach 1,000 by end of 2020.

Major utilities diversions have been carried out to allow further construction  including the relocation of 92 high voltage transmission towers, 40km of high voltage transmission lines, 720 medium voltage transmission towers, 70km of medium voltage transmission lines, 36km of fiber optics cables, and 8km of water utility pipes.

Qiddiya has successfully completed total road asphalting of over 275,000 m3, and concrete pouring of 80,000 m3. In terms of preliminary eartworks and mass grading, total excavation reached 10.4 million m3, total embankment and filling reached 8.6 million m3, and total clearing and grubbing reached 8.9 million m3.

Qiddiya’s site office complex in the site’s lower plateau has recently been doubled in size to support more staff moving from the corporate offices in Riyadh,  while a second site office complex on the upper plateau is also now under construction and expected to be completed by end of December 2020.

Qiddiya aims to develop more strategic partnerships and to continue with heavy construction well into 2022 – making it ready for the testing and commissioning phase, ahead of its grand opening in 2023

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About Qiddiya Investment Company:

Qiddiya Investment Company (QIC) is driving the development of Qiddiya, Saudi Arabia’s Capital of Entertainment, Sports and the Arts. As a core tenet of Vision 2030, Qiddiya has a dual economic and social purpose: to advance economic diversification and unlock new professional pathways while enriching lives of youth in the Kingdom.

His Royal Highness Prince Mohammad bin Salman bin Abdulaziz, the Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs and of the Public Investment Fund (PIF), announced the project on April 7, 2017. Ground-Breaking took place on April 28, 2018 and the company, Qiddiya Investment Company (QIC), was incorporated as a closed joint-stock company wholly owned by PIF, on May 10, 2018. 

In 2020, Qiddiya progressed from planning to construction phase, with primary infrastructure  works currently underway.

Qiddiya is located south-west of Riyadh on a site that spans 366 sq.km. Phase one is set to open in 2023.

Visitors will enjoy activities across five cornerstones: Sports & Wellness; Nature & Environment; Parks & Attractions; Motion & Mobility; and Arts & Culture. Development of these areas will give rise to family-friendly theme parks; sports venues suitable for international competitions; academies for sports and the arts; concert and entertainment venues; racetracks and grandstands for motorsport enthusiasts; outdoor and adventure activities alongside nature and environment experiences; and historical, cultural and educational activities. Qiddiya will also include a variety of real estate options and community services.

Website: qiddiya.com

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