Saudi Arabia the world’s top oil producer, is prequalifying local and international contracting firms to build multi-billion riyal headquarters building in kingdom’s eastern province, industry sources familiar with the matter said.

The contractors are expecting Aramco to release the list of the prequalified companies by the end of this month for the project which will be built in Industrial hub of Jubail, the said, asking not be identified as the information is not public.

The new corporate complex for Aramco has six components with a total built up area of 280,000 square meter. The offices for Aramco executives have been divided into a two separate facilities, which includes the main 25-storey tower building and a separate Office-Block. There will be two separate podium areas under the tower and office block housing cafeteria, meeting centres, auditorium, learning and development and retail facilities.

The project also includes a data centre, a ground plus eight-floor parking structure and a sports centre with swimming pools, squash courts and fitness centres, according to the sources.

Aramco, the kingdom’s main revenue earner for the past 80 years, has plans to invest $334bn over the next decade to sustain oil and gas production, Abdulaziz al-Abdulkarim, vice president procurement and supply chain management, said at a conference in Bahrain on 26 September. The company plans to spend 42 per cent of the total on drilling, 31 per cent on surface facilities and 11 per cent on building oil and gas infrastructure.

Saudi Aramco is also at the heart of the Riyadh’s efforts to cut its dependence of sale of crude for revenues after oil slumped from its mid-2014 peak of $115 a barrel. The kingdom plans to sell less than 5 per cent of Aramco shares to public and transfer the rest of the ownership to Public Investment Fund (PIF), which will generate income through investment activities to develop alternative revenue lines.