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Saudi Arabia’s Qiddiya Investment Company (QIC) has selected the joint venture of local contractor El-Seif Engineering Contracting and UAE-based Alec for the contract to construct buildings around the racetrack at Qiddiya’s Speed Park.

The initial scope of works is understood to be valued at about SR7bn ($1.9bn). Later works, which are still at the design stage, could take the final value up to SR15bn.

The Speed Park will be built around a Federation Internationale de l’Automobile grade one racetrack as part of the resort core in Qiddiya Entertainment City. Once complete, the circuit will be capable of hosting Formula 1 Grand Prix and motorcycling MotoGP races. 

QIC is gearing up to deliver several components of its Qiddiya Entertainment City project. 

MEED previously reported that QIC had received bids from contractors for an estimated $500m-worth of roads, utilities and tunnels packages at the development.

In September, MEED reported that QIC had selected a joint venture of local contractor Saudi Real Estate Infrastructure Company (Binyah) and Qatar’s Infraroad Trading & Contracting Company to deliver the infrastructure works at Qiddiya’s resort core.

The two contracts, worth SR2.29bn, were awarded for packages three, four and seven, which include the construction of roads, bridges and utility networks.

In September, QIC selected a joint venture of local contractor Albawani and Qatar-based Urbacon Trading & Contracting Company to deliver the Water Park Hotel at Qiddiya’s resort core.

The client is also evaluating bids for the main construction contract for a 5,300-seat e-games arena at its sports complex. The venue will provide space for local, national and international competitions. 

Work on the Qiddiya sports complex includes the construction of a stadium, a multi-sports hub, two golf courses, training facilities and an aquatic centre.

MEED's October 2023 special report on Saudi Arabia includes: 

> COMMENT: Riyadh reshapes its global role
> POLITICS: Saudi Arabia looks both east and west
> SPORT: Saudi Arabia’s football vision goes global
> ECONOMY: Riyadh prioritises stability over headline growth
> BANKS: Saudi banks track more modest growth path
> UPSTREAM: Aramco focuses on upstream capacity building
> DOWNSTREAM: Saudi chemical and downstream projects in motion
> POWER: Riyadh rides power projects surge
> WATER: Saudi water projects momentum holds steady
> GIGAPROJECTS: Gigaproject activity enters full swing
> TRANSPORT: Infrastructure projects support Riyadh’s logistics ambitions
> JEDDAH TOWER: Jeddah developer restarts world’s tallest tower