Arab Finance: The joint venture (JV) of Egypt-based engineering group Hassan Allam Holding and Saudi-based contractor AlBawani Holding Company has been awarded a $490 million contract to build the Saudi Arabia Museum of Contemporary Art (SAMoCA) for Diriyah Company, as per a press release.

The project will be executed by Hassan Allam Construction – Saudi Arabia, a subsidiary of Hassan Allam Holding, alongside AlBawani Co. Ltd, a subsidiary of AlBawani Holding Company. It forms part of the Diriyah development plan in Saudi Arabia.

Located in Diriyah, the project includes a gross floor area of 45,252 square meters and a built-up area of 77,428 square meters. The museum is intended to support the development of the area as a cultural and tourism destination.

The project is part of efforts to expand Saudi Arabia’s cultural infrastructure and aligns with the objectives of Saudi Vision 2030.

The contract reflects Hassan Allam Holding’s operations in the Saudi market, which span more than five decades, as well as AlBawani Holding’s role in delivering infrastructure, commercial, and cultural projects in the Kingdom.

Commenting on this, Hassan Allam, CEO of Hassan Allam Holding, said: “This project represents an important milestone in the Group’s journey within the Kingdom of Saudi Arabia and reaffirms our commitment to delivering world-class cultural projects that respect historical heritage and meet national future ambitions. We are also proud to partner with AlBawani in executing this iconic project, in a collaboration that reflects integrated expertise and strengthens our joint capability to deliver major national projects to the highest standards."

"Saudi Arabia has been a central market for Hassan Allam Group for over five decades, during which we continue to contribute to the delivery of high-impact, long-lasting projects," he added.

Meanwhile,  Fakher Al Shawaf, Group CEO of AlBawani Holding Company, said: “We are proud to partner with Hassan Allam Construction in delivering this exceptional cultural project, which reflects the integration of our expertise and capabilities in executing complex projects to the highest quality standards. The SAMoCA demonstrates our commitment to developing national landmarks that highlight the Kingdom’s identity and cultural stature globally.”