Qiddiya Investment Company signs $532mln construction deals with Saudi firms

Qiddiya Investment Company signs $532mln construction deals with Saudi firms

Saudi-based Qiddiya Investment Company (QIC) said it has awarded construction contracts worth SR2 billion ($532.8 million) over the last 12 months since the work began on the giant project. Qiddiya is Saudi Arabia's future capital of entertainment, sports and the arts guided directly by the inspired leadership of HRH Mohammed bin Salman, Crown Prince of Saudi Arabia and Chairman of Qiddiya, as a keystone of Vision 2030, the kingdom's blueprint for long-term prosperity. It is located on the doorstep of Riyadh and as one of Saudi Arabia's giga projects it will directly employ 17,000 people by 2023. Owned by the Public Investment Fund (PIF) and in accordance with Saudi Vision 2030, QIC aims to prioritise business opportunities for local companies in order to catalyze economic and inclusive growth. On the project deal, QIC said the most recent contract award, a three-year SR1.1 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 – thus taking the total contract value to over SR2 billion. Lauding the achievement, Chief Development Officer Kareem Shamma said: "Reaching the SR2 billion mark is a very important milestone for