Tourism, investment ministries greenlight SAR 6.7 bn in hotels across five tourism destinations

The tourism and investment ministries approved 19 hospitality projects set to draw SAR 6.7 bn in investment and add more than 3k hotel rooms across five tourism destinations, with around 40% of the rooms planned for coastal locations, SPA reports. The projects are expected to contribute more than SAR 2.4 bn annually to GDP by 2030 and generate over SAR 5.3 bn in local content through demand for locally sourced goods, services, and materials.

The first project is scheduled to open by the end of 2026, with additional developments coming online over the following years, with the final projects expected to open in 2029.

Walled up

Qiddiya’s Prince Mohammed bin Salman Stadium has awarded a SAR 1.15 bn contract to China’s Fangda Group to design, supply, and install the curtain walling on two sections of the project, according to a statement (pdf). The stadium is among the venues planned for the 2034 FIFA World Cup.

Fangda is working through a joint venture with Saudi Arabia’s IKK Group, covering curtain-wall construction for the main stadium, the museum and ancillary buildings. The Uptown Stadium Construction JV pairs Fangda subsidiary Shihui International Holdings, which holds 51%, with IKK unit Isam Kabbani & Partners for Building & Construction Materials.

Game, set, contract

Zamil Steel signed a SAR 308.2 mn contract to fabricate, supply, and install structural steelworks for the National Tennis Center in Qiddiya, according to a Tadawul filing. The project is scheduled to take 19 months to complete. Zamil Steel is a subsidiary of Advanced Building Industries Company (Senaat).