In Saudi Arabia’s Trillion-Dollar Building Boom, Chinese Contractors Are in Demand
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Saudi Arabia’s massive infrastructure push is creating a gold rush for international contractors, with Chinese construction giants emerging as favored partners.
Near the capital Riyadh, the historic city of Diriyah is undergoing a huge transformation, with cranes filling the skyline. The projects are mostly part of Diriyah Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF). “We have over 56,000 people on site every day,” Kiran Haslam, chief marketing officer of Diriyah Company, said in a recent interview with Caixin, noting that many Chinese construction firms are involved.
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- Saudi Arabia's Vision 2030 drives massive infrastructure projects like Diriyah ($63.2B), with 178,000 jobs and 50M tourists targeted annually.
- Chinese construction firms are major partners, winning multi-billion-dollar contracts in Diriyah and seen as highly competitive and experienced.
- By 2030, Saudi's construction market is projected to reach $1.4T, amid hosting major events and local job prioritization (85% Saudis in Diriyah Company).
- Diriyah Company
- Diriyah Company is a subsidiary of Saudi Arabia's Public Investment Fund (PIF). It is leading the massive transformation of Diriyah, a historic city near Riyadh, as part of Saudi Arabia's "Vision 2030." The company has awarded $27 billion in contracts for the project, which aims to create a new city from scratch, attracting 50 million tourists annually and contributing significantly to the GDP. Many Chinese construction firms are involved in their projects.
- China State Construction Engineering Corp. Ltd.
- China State Construction Engineering Corp. Ltd. is a Chinese construction giant that has secured a significant contract in Saudi Arabia. In April, a joint venture that included the company won a contract for an opera house project within the Diriyah development, part of Saudi Arabia's Vision 2030 initiative.
- China Railway Construction Corp. Ltd.
- China Railway Construction Corp. Ltd. (CRCC) is a Chinese construction giant that has secured a significant deal in Saudi Arabia. In May, CRCC was awarded a $1.13 billion infrastructure contract for the Diriyah project, a massive development near Riyadh. CRCC is among several Chinese state-owned builders actively involved in Saudi Arabia's ambitious Vision 2030 initiatives.
- China Harbour Engineering Co. Ltd.
- China Harbour Engineering Co. Ltd. (中国港湾工程有限责任公司) is a Chinese construction giant that has secured a $1.53 billion contract for an arena project in Diriyah, Saudi Arabia. They are among several Chinese state-owned builders tapped for Saudi Arabia's "giga-projects" due to their experience, competitiveness, and ability to undertake large, high-value projects.
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