Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF), has awarded the main construction contract for its new 1.3-billion Saudi riyal ($346.54 million) entertainment destination in Almadinah to a Saudi-Qatari venture.
BUJV, a joint venture between Saudi-based Al Bawani Co. and Qatar-headquartered Urba Con Trading & Contracting, will carry out the construction works, SEVENs said in a statement.
Contract value wasn’t disclosed.
The entertainment destination in Almadinah, located next to King Fahad Central Park, has a development area of over 100,000 square meters with a total built-up area of over 84,000 sqm.
SEVEN is investing more than SAR50 billion to build 21 entertainment destinations in 14 cities across the Kingdom.
The cities include Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Almadinah, Yanbu, Abha, Jizan, Buraydah, and Tabuk.