India-listed contractor Ashoka Buildcon said that its joint venture (JV) in Saudi Arabia has been awarded the main construction contract for the Diriyah II One Hotel project in Riyadh by the Diriyah Company.

The JV is between its subsidiary Ashoka Buildcon Limited for Contracting and local company BEC Arabia Contracting Co.

The accepted bid project cost is 717 million million ($191.12 million), the company said in a stock exchange statement, adding that its share in the bid price is SAR 351.37 million based on Ashoka Buildcon Limited for Contracting's 49 percent stake in the JV.

The contract needs to be completed within 27 months from 5 February 2026, the statement noted.

Spanning 14.2 million square metres (sqm), Diriyah is set to feature 40 luxury hotels, 30,000 residences, and an extensive range of retail and dining options, Group CEO of Diriyah Gate Development Authority Jerry Inzerillo had told the PIF Private Sector Forum in Riyadh in February 2026. He added that Diriyah's major infrastructure will be completed by 2027.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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