JEDDAH: The Public Investment Fund-owned Diriyah Co. has awarded an SR1.84 billion ($490 million) building contract in the historic Diriyah area to establish Saudi Arabia’s flagship national museum for modern art.
The contract, revealed during a signing ceremony in Riyadh, was awarded to a joint venture between Hassan Allam Construction Saudi Arabia and Al-Bawani Co. Ltd., kicking off construction on the museum.
The Saudi Arabia Museum of Contemporary Art, or SAMoCA, will be located on Diriyah’s Grand Avenue and will cover more than 77,000 square meters, including 45,252 square meters of built-up area. It is intended to serve as a national showcase for modern and contemporary Saudi art. Diriyah Co. stated that the project aims to boost the Kingdom’s cultural infrastructure and promote the growth of its creative economy.
The Kingdom is promoting the cultural sector as a measurable economic contributor, with the Ministry of Culture trying to increase its non-oil GDP share through investments in museums, heritage sites, and creative industries. The official announcement of the project occurred during a ceremony attended by Jerry Inzerillo, CEO of Diriyah Co. Group, Hassan Allam, CEO of Hassan Allam Holding, and Fakher Al-Shawaf, group CEO of Al-Bawani Holding Co.
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