China-Saudi stadium deal puts Saudi World Cup ambitions in focus amid attacks
The project is a vote of confidence to Saudi Arabia's ambitious Vision 2030 agenda to diversify the economy away from oil, despite an uptick in attacks by Yemen's Houthi rebels on the kingdom in recent weeks.
A Chinese-Saudi consortium has won a contract worth 1.15 billion riyal ($306 million) for work on a planned World Cup stadium at Qiddiya, as Saudi Arabia presses ahead with its long-term sports and entertainment ambitions despite Houthi attacks disrupting its immediate events calendar.
What happened: IKK Fangda JV Co., which is 51% owned by China Fangda Group’s Shihui International Holdings and 49% owned by Saudi-based Isam Kabbani & Partners, a subsidiary of IKK Group, signed a contract on Oct. 18 to design, supply and install exterior facade systems for Prince Mohammed bin Salman Stadium at Qiddiya, outside Riyadh.
The agreement covers the main stadium building, along with a museum and ancillary buildings, with work expected to be completed within 863 days, according to Fangda’s stock exchange disclosure published Oct. 19.
The stadium, designed to accommodate more than 45,000 spectators with views of the Tuwaiq cliffs, is among the venues planned across Saudi Arabia for the 2034 FIFA World Cup.
