The News
Saudi Arabia’s construction boom is accelerating, with Riyadh emerging as the focal point of the kingdom’s giga-projects.
Diriyah Co. — backed by the Public Investment Fund — awarded a $202 million contract to China Harbour Engineering Co. for bulk excavation in the second phase of the $62 billion Diriyah project.
One of the kingdom’s five giga-projects, Diriyah — located a 15-minute drive from downtown Riyadh — plans to include more than 40 hotels, as well as arts districts, museums, and sporting venues.
While Saudi Arabia plans to cut government spending in 2025 as it grapples with lower oil prices, it’s prioritizing investments geared toward economic diversification. Real estate consultancy Knight Frank projects Saudi Arabia’s construction market will become the world’s largest by 2028.
China is aggressively securing a foothold in this booming sector as the kingdom races to complete key projects in time for its hosting of World Expo 2030 and the 2034 men’s soccer World Cup, fueling a gold rush for construction firms.