Riyadh – Mubasher: Diriyah Company, owned by the Saudi Public Investment Fund (PIF), plans to develop two high-profile multi-billion dollar educational and arts districts.

The two schemes will be implemented on the outskirts of Riyadh within the $63.20 billion Diriyah project, according to a press release.

The announcement, which was made during the 2nd edition of the annual international event Bashayer - Delivering our Future, aligns with the company’s commitment to establishing a vibrant global hub.

A SAR 5.80 billion ($1.55 billion) contract was awarded to a joint venture (JV) between Nesma & Partners Contracting Company UJSC and MAN Enterprise Al Saudia LLC for developing the Qurain Cultural District.

It is expected to offer a diverse range of arts, retail, office, and residential spaces for people to live, work, shop local brands, and enjoy local dining experiences.

The district will also feature 19 mixed-use buildings, including office, retail, and residences, 10 of which have various boutique office options, and a wide range of retail space and dining venues.

Meanwhile, the Northern District will make Diriyah a global centre of learning for scholars, students, and visionaries that will include the King Salman Foundation, museums, a university, a library, and a vibrant public square.

Construction on elements has been underway following the announcement of a SAR 7.80 billion ($2 billion) JV agreement with the China State Construction Engineering Cooperation Limited (CSCEC) and El Seif Engineering Contracting Company Limited.