Diriyah Co., backed by Saudi Arabia’s Public Investment Fund, awarded contracts worth $5 billion in the first half of 2025 as work gathered pace on the redevelopment of the Kingdom’s historic capital.

The company said in a statement that the agreements include six memorandums of understanding and nine construction contracts, reflecting the project’s growing scale.

Since the launch of Bujairi Terrace and the At-Turaif District in December 2022, Diriyah has drawn more than 3.6 million visitors. The company is targeting 50 million annual visits by 2030.

Aligned with Saudi Vision 2030, the development is projected to add more than $18 billion to the economy yearly and generate around 180,000 jobs.

Among the biggest contracts is a $1.4 billion joint venture with El Seif Engineering, Midmac Construction, and China State Construction Engineering Corp. to build the Royal Diriyah Opera House, planned as a major performing arts venue.

Other awards include the $1.1 billion relocation of King Saud University’s utilities and administration offices, secured by China Railway Construction Corp. and its subsidiary, and a $1.5 billion contract with China Harbor Engineering for Diriyah Arena, a multipurpose venue influenced by Najdi architecture.

In retail, Salini Saudi Arabia, part of Italy’s WeBuild group, has won a $599 million deal to develop Diriyah Square, a district that will feature 73 buildings and 400 retail units.

Residential projects such as the Aman Residences and Armani Residences are also progressing, and the company has introduced a “Diriyah Tan” color with Pantone to reflect the city’s architectural roots.

With contracts advancing across culture, retail, hospitality, and housing, Diriyah is shaping up as a central part of Saudi Arabia’s tourism and entertainment ambitions ahead of Riyadh Expo 2030.