Saudi Arabia’s Diriyah Company has awarded a development contract worth over $1 billion to China Harbour Engineering Company (CHEC) as part of ongoing construction efforts in the Diriyah urban project near Riyadh — a key component of the kingdom’s Vision 2030 project.

What happened: The contract, announced on Wednesday, covers the construction of a district block that includes the Diriyah Arena, three mixed-use office buildings and a parking facility. According to a statement from Diriyah Company, the arena will span approximately 74,000 square meters, with a seating capacity of 20,000, and is designed to host events ranging from sports and concerts to exhibitions and esports competitions. 

In a press release following the contract deal, Jerry Inzerillo, CEO of Diriyah Company, called the arena a “landmark entertainment complex” and said the deal “highlights the rapid progress we are making in developing a diverse range of assets.” The project is one of several high-profile components in Diriyah, a broader development backed by Saudi Arabia’s sovereign fund, the Public Investment Fund, and tied to the kingdom’s Vision 2030 strategy. 

Yang Zhiyuan, CEO of CHEC Middle East, said that the contract represents a significant expansion of CHEC’s role in Saudi Arabia. “We will continue commitment to keep delivering excellence in support of Vision 2030. We are deeply proud to be part of it,” Yang added.