Diriyah Company has announced the award of a significant SAR 2.249 billion (approximately $600 million) construction contract to Salini Saudi Arabia, a subsidiary of the Webuild Group (IMPJY), to develop Diriyah Square, the flagship retail precinct within the Diriyah Masterplan.
Diriyah Square is set to become a pedestrian-focused retail and lifestyle hub that will showcase over 400 premium retail, leisure, and dining brands. The development, inspired by traditional Najdi architecture, will seamlessly blend cultural authenticity with modern urban living.
Salini Saudi Arabia will spearhead the construction of a comprehensive set of offshore solutions, including a massive 10,500-space underground car park equipped with integrated transport facilities such as bus stations, taxi and VIP drop-off areas, and a four-lane subterranean road system. Additionally, the company is finalizing structural engineering for above-ground assets, which encompass luxury retail, hotels, branded residences, offices, and a Grand Mosque.
This phase of the project involves building 73 structures over a 365,340-square-metre area, featuring 400 shell-and-core retail units with full façades, interior finishes, and fit-outs—each designed to reflect traditional Najdi principles in a fully pedestrianised environment.
Jerry Inzerillo, Group CEO of Diriyah Company, stated that the contract represents a major milestone that reinforces their development journey, ensuring that Diriyah Square will serve as a vibrant retail destination for a diverse array of shoppers from residential communities, offices, and the vast influx of annual visitors.
Pietro Salini, CEO of Webuild Group, emphasized the strategic importance of the project to Saudi Arabia, noting that this development will not only enhance Webuild's longstanding presence in the Kingdom but also deliver substantial benefits to the local community and regional infrastructure. The project is part of a broader Diriyah development valued at SAR 237 billion ($63.2 billion) that spans 14 square kilometres and includes cultural, educational, and recreational facilities alongside commercial and residential components.
To date, Diriyah Company has awarded contracts exceeding SAR 100 billion, with SAR 20 billion signed in the first half of 2025. The overall development is projected to contribute SAR 70 billion ($18.6 billion) directly to Saudi Arabia's GDP, create nearly 180,000 jobs, provide housing for around 100,000 residents, and establish dynamic commercial and cultural hubs.
For comments and feedback contact: editorial@rttnews.com
Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.