A joint venture of Egypt’s Hassan Allam Holding and Saudi Arabia’s AlBawani Holding Company has been awarded a 1.84 billion Saudi riyals ($490 million) contract to construct ‘The Saudi Arabia Museum of Contemporary Art (SAMoCA),’ within the Diriyah development plan in Riyadh.
Diriyah Company awarded the contract to a joint venture comprising Hassan Allam Construction – Saudi Arabia, a subsidiary of Hassan Allam Holding and AlBawani Co., a subsidiary of AlBawani Holding Company, according to a joint press statement.
The project, described as one of the most prominent cultural and iconic developments in the Kingdom, is located in the heart of Diriyah, The City of Earth, which is regarded as the birthplace of the Kingdom, dating back to 1727. It will have a total gross floor area of 45,252 square metres (sqm) and a total built -up area of 77,428 sqm.
Project completion timelines weren't disclosed.
Earlier this year, Diriyah Company awarded a $600 million (SAR 2.249 billion) construction contract to Salini Saudi Arabia, a subsidiary of the Webuild Group, for the development of Diriyah Square, encompassing 73 individual buildings and approximately 400 shell-and-core retail units.
The 14-square-kilometre Diriyah giga project is a key component of Saudi Arabia's 2030 Vision. The Najdi-style mixed-use urban project will contribute approximately $18.6 billion (SAR 70 billion) directly to the Kingdom’s GDP, create nearly 180,000 jobs, become home to around 100,000 residents, and welcome 50 million annual visits in the future, according to previous statements issued by its master developer Diriyah Company.
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
