Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor

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The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan. Supplied
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The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan. Supplied
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The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan. Supplied
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The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan. Supplied
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Updated 16 July 2025
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Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor

  • District will include Diriyah Arena, three mixed-use office buildings, and parking facility
  • It is expected to contribute around SR70 billion to GDP

JEDDAH: Saudi Arabia’s entertainment landscape is set for a major boost with the awarding of a SR5.75 billion ($1.53 billion) contract to construct a 20,000-seat arena as part of the Diriyah development. 

Diriyah Co., a subsidiary of the Public Investment Fund, has awarded the contract to a branch of China Harbor Engineering Co. for the Arena Block, a district that will include the Diriyah Arena, three mixed-use office buildings, and a parking facility, the company announced. 

Spanning approximately 74,000 sq. meters, the Diriyah Arena is designed to host concerts, sports, esports, exhibitions, and live performances to attract residents and international visitors. 

The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan and aims to transform the Kingdom’s economic and tourism sectors. 

Upon completion, it is expected to contribute around SR70 billion to the gross domestic product, generate nearly 180,000 jobs, and accommodate approximately 100,000 residents. 

“The iconic Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth’s growing global role in shaping Saudi Arabia’s artistic and cultural future, in alignment with Vision 2030,” Jerry Inzerillo, group CEO of Diriyah Co., said.

The contract is the latest step in the company’s ongoing 2025 development drive, marking continued progress on the project. 

Yang Zhiyuan, CEO of the Chinese firm for the Middle East, said: “CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record in delivering the complex.” 

Designed by global firm HKS Inc., the structure blends traditional Najdi architecture with modern elements, reflecting Diriyah’s cultural heritage and global outlook. 

The broader Arena Block will also include three mixed-use office buildings designed by John McAslan + Partners, covering 114,000 sq. meters, along with over 4,000 parking spaces to support the stadium and surrounding offices. 


Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

Updated 07 December 2025
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Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.  

The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors. 

Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.  

Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority. 

Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference. 

“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said. 

Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.” 

MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.  

“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.  

The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors. 

Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference. 

The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.