Saudi-based Al Ayuni Investment and Contracting Company has announced that it has been awarded SAR2 billion ($532 million) contracts by Diriyah Company, a unit of Saudi sovereign wealth fund PIF, to carry out infrastructure development works within its mega development coming up in the ancient Saudi city.

A 'First Class' contractor in Saudi Arabia since 2006, Al-Ayuni operates in several business lines including roads and bridges, railway, building, marble and mining, energy, water and power as well as real estate sectors.

A contract in this regard was signed by Diriyah Company Group CEO Jerry Inzerillo with Al Ayuni CEO Engineer Waleed Hamad Albathe on the sidelines of the recent Public Investment Fund and the Private Sector Forum held in Riyadh.

Also at the forum, Al Ayumi clinched a design and build contract from Roshn Group, a leading developer in the kingdom powered by Saudi wealth fund PIF, for public facilities and residential units within the Al Falwa community in the Eastern Province, said a statement from the company.

Al Bathe signed the contract with senior Roshn officials at the PIF and Private Sector Forum, it added. 

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