Latest news with #SR70
Arab News
29-04-2025
- Business
- Arab News
Diriyah Co. awards $1.13bn contract for King Saud University relocation
JEDDAH: Saudi Arabia's Diriyah Co. has awarded a SR4.22 billion ($1.13 billion) construction contract to relocate King Saud University's utilities and administration offices, advancing infrastructure development in one of the Kingdom's flagship urban projects. The project was given to a joint venture between China Railway Construction Corp.'s Saudi branch and China Railway Construction Group Central Plain Construction Co., according to a press release. Part of the Public Investment Fund's giga-project portfolio, the Diriyah development is a 14 sq. km mixed-use district poised to house nearly 100,000 residents and provide office space for tens of thousands of professionals across the technology, media, arts, and education sectors. Once complete, it is expected to generate 178,000 jobs, attract nearly 50 million annual visitors, and contribute SR70 billion to Saudi Arabia's gross domestic product. Jerry Inzerillo, group CEO of Diriyah Co., said: 'We are delighted to announce this major contract to support King Saud University, whose campus adjoins the Diriyah development area.' He emphasized that the agreement represents a significant step in furthering efforts to enhance both educational and infrastructural excellence in the Kingdom. 'We are proud to support one of the Kingdom's leading academic institutions in delivering enhanced infrastructure services that will benefit both its students and the broader university community,' Inzerillo said. The contract includes the design and construction of several critical infrastructure components. These include a district cooling plant, water storage facilities, and a sewage treatment plant, as well as an LPG/SNG plant and a diesel pumping station. The scope also covers a utility tunnel, irrigation tanks, office buildings, warehouses, and maintenance workshops. Li Chongyang, chairman of China Railway Construction International Group, said the project reflects the firm's commitment to delivering world-class infrastructure to the highest standards. 'We look forward to contributing to the success of this iconic project and supporting the continued growth of King Saud University,' he said. This latest award brings the total value of contracts issued by Diriyah Co. in 2025 to over $2.9 billion, as the area undergoes rapid transformation into a global destination aligned with Vision 2030.
Saudi Gazette
18-04-2025
- Business
- Saudi Gazette
Diriyah Company awards $1.4 billion contract for Kingdom's largest opera house
Saudi Gazette report RIYADH — Diriyah Company has signed a SR5.1 billion ($1.4 billion) joint venture contract to develop the iconic Royal Diriyah Opera House. The agreement was signed with El Seif Engineering Contracting Co. Ltd. (ESEC), Midmac Construction Co. Ltd., and China State Construction Engineering Corporation Ltd. (CSCEC), the world's largest construction firm. Designed by Norwegian architecture firm Snøhetta Oslo AS, the Royal Diriyah Opera House will be Saudi Arabia's largest performance venue with a 2,000-seat main theatre. The project will also feature a studio theater, a rooftop amphitheater, and multipurpose halls, bringing total capacity to approximately 3,100 seats. The opera house — managed by the Royal Commission for Riyadh City — will serve as Diriyah's premier performing arts center and a cultural landmark, blending contemporary Najdi architecture with sustainability principles such as natural ventilation, water conservation, and thermal efficiency. The development is part of Diriyah Company's dynamic 2025 rollout, which has also seen the launch of the Media and Innovation District and the awarding of a SR426.3 million ($113.6 million) architecture and design contract to Omrania for projects along Diriyah's main avenue. Several international experts have been tapped for the project, including Schlaich Bergermann Partner (structures and facades), Buro Happold and Saudi Diyar (MEP works), Theatre Projects (theatre and acoustics), JLL (cost consultancy), and Plan A (design management). 'The Royal Diriyah Opera House will be a landmark asset at Diriyah that will support Diriyah's growing global role in shaping Saudi Arabia's artistic and cultural future,' said Diriyah Company Group CEO Jerry Inzerillo. 'This architectural masterpiece will bring people together in one of the world's greatest gathering places to experience unforgettable performances.' The opera house is a cornerstone of Diriyah's transformation into a cultural capital. The broader Diriyah project — one of the Public Investment Fund's flagship initiatives — is expected to generate 178,000 jobs, house 100,000 residents, attract 50 million annual visits, and contribute SR70 billion ($18.6 billion) to Saudi GDP.
Arab News
01-04-2025
- Business
- Arab News
Saudi firms announce 2024 financial results amid Eid trading break
RIYADH: Multiple companies have released their financial results for 2024 despite the Saudi market remaining closed for trading due to the Eid Al-Fitr holiday, which lasts until April 2. Red Sea International Co. reported a turnaround in profitability, announcing a net profit of SR4 million ($1.07 million), compared to a net loss of SR23.1 million in 2023. In a statement on Tadawul, the organization attributed the improvement to the full-year impact of its First Fix acquisition, along with stronger revenues and performance. Operating profit surged to SR70 million from SR6 million in the previous year. Raydan Food Co. posted a net loss of SR73.1 million in 2024, widening from SR30.8 million in 2023, a 136.6 percent increase. The company attributed the losses to declining sales, lower revenues from contracts and franchises, higher selling and marketing expenses, and impairment costs related to right-of-use assets and land. Foreign currency valuation adjustments and investment impairments also contributed to the decline. Sales fell 12.4 percent to SR155.3 million due to weaker branch performance and lower contract revenues. Osool and Bakheet Investment Co. remained profitable despite a drop in net income. The firm's profits dropped to SR19.8 million from SR25.4 million in 2023, largely due to a 24 percent fall in total revenues. A 31 percent reduction in expenses and a 55 percent decrease in financing costs did help offset the impact. Other income surged 152 percent to SR4.2 million, though zakat expenses rose 58 percent to SR3.8 million. Maharah Human Resources Co. reported a robust earnings gain, with net profits rising 27.1 percent to SR127.4 million, driven by an 18 percent revenue increase and a 6 percent improvement in gross profit, supported by corporate services sector growth. The organization benefited from an SR20 million reduction in expected credit losses and an SR11 million boost in other operating income, mainly from increased government incentives for Saudi employment. However, higher investments in human capital pushed general and administrative expenses up by SR3.5 million, while financing costs rose by SR4 million. Additionally, profits from associate companies, including Care Shield Holding Co. and Saudi Medical Systems Co., fell 30 percent, amounting to an SR12.2 million decline, due to weaker results from Care Shield Holding Co. and the absence of Saudi Medical Systems Co.'s financial data for the last six months of 2024.
Saudi Gazette
08-03-2025
- Politics
- Saudi Gazette
King Salman and Crown Prince donate SR70 million to National Charitable Campaign
Saudi Gazette report RIYADH — Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince and Prime Minister Mohammed bin Salman have made a generous contribution of SR70 million to the fifth National Campaign for Charitable Work through the Ehsan Platform, which commenced on Friday. King Salman donated SR40 million, while Crown Prince Mohammed bin Salman contributed SR30 million. Their donations reaffirm the unwavering commitment of Saudi leadership to humanitarian and charitable initiatives, particularly during the holy month of Ramadan, reflecting their dedication to strengthening social solidarity and community cohesion. Chairman of the Ehsan Platform's supervisory committee, Majid Al-Qassabi, expressed gratitude to the leadership for their substantial support, emphasizing that such generosity underscores the Kingdom's commitment to facilitating charitable endeavors with transparency and efficiency. The public can contribute to the campaign via the Ehsan Platform's website, mobile app, the unified number 8001247000, or designated bank accounts. The platform operates under the Saudi Data and AI Authority (SDAIA), ensuring compliance with Shariah guidelines through oversight by a dedicated Shariah committee. Since its launch in 2021, Ehsan has received over SR10 billion in donations, a testament to the continuous support from Saudi leadership and the strong spirit of social solidarity in the Kingdom. This year's campaign, initiated with the SR70 million donation from King Salman and Crown Prince Mohammed bin Salman, witnessed a remarkable response, with contributions exceeding SR700 million within the first hours and continuing to rise. Donations made through the Ehsan platform support various charitable sectors, including health, social welfare, food, housing, and education. The platform is widely recognized for its high governance standards, transparency, and secure donation processing, ensuring that aid reaches those in need efficiently and reliably.
Arab News
07-03-2025
- Politics
- Arab News
King Salman, crown prince donate $19m as Ehsan's 5th national charity campaign launched
JEDDAH: King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman donated SR70 million ($19 million) to the National Campaign for Charitable Work via the Ehsan platform in its fifth edition on Friday. King Salman on Friday approved the launch of the 5th National Campaign for Charitable Work, via the Ehsan platform, with donations continuing throughout Ramadan to enhance charitable giving and maximize its impact, reported the Saudi Press Agency. As an extension of the leadership's support for charitable work in the Kingdom, King Salman made a donation of SR40 million and the crown prince donated SR30 million. SPA reported that the campaign aims to provide opportunities for all citizens and residents to participate in charitable acts and strengthen community solidarity during Ramadan. Majid Al-Kassabi, chairman of the Ehsan platform's supervisory committee, expressed his gratitude to King Salman and the crown prince for their unwavering support of the platform since its inception under a royal decree in 2021. 'The 5th National Campaign for Charitable Work follows the remarkable success of previous editions,' said Al-Kassabi. The 2024 campaign attracted more than SR1.8 billion in donations through 15 million transactions, demonstrating the Kingdom's leadership in charitable work and sustainable development. Donors can digitally contribute to various charitable and development fields throughout the campaign. Additionally, donations can be made toward the Ehsan Endowment Fund. All transactions are securely processed through the Ehsan app, or by calling the unified number 8001247000.
