At least three firms have been invited to bid for the consultancy contract.

Four contractors have been tipped for the award of 10 towers within the development and the PPA is looking for consultants to supervise the construction.

“It is up to [the PPA] how many consultants they bring on board. They could have one company for all the construction or three or four firms for the work,” says a consultant considering making a bid for the work.

The US’ Hill International is the project manager for the development.

Contracts for the 10 towers within the development are expected to be signed in the coming weeks, with the winners expected to include the local Saudi Binladin Group, El-Seif Engineering & Contracting, and Saudi Constructioneers.

The $7.8bn project is in the south of Riyadh. It will cover 1.6 million square metres and be home to the Saudi stock exchange (Tadawul), the Capital Market Authority, which regulates activity on the market, and a financial academy for 5,000 students.