Shapoorji Pallonji lands $798m contract to build Saudi fun park
RIYADH, December 21, 2022
Shapoorji Pallonji, a leading Indian business conglomerate with interests in construction and real estate,
has secured a major contract from Saudi PIF-backed entity Saudi Entertainment Ventures (SEVEN) for the development of first of 21 planned fun parks in the kingdom.
As per the SR3 billion ($797.7 million) deal, Shapoorji Pallonji will be responsible for the construction and management of the Al Hamra project leisure destination which will come up on more than 90,000 sq m area.
Strategically located at the intersection of the Eastern Ring Road and King Abdullah Road, the property will boast a built-up area of 167,000 sq m.
The Saudi PIF's entertainment arm will be spending more than $13 billion in creating 21 fun parks across 14 cities in the kingdom that will inturn create jobs and boost the kingdom's tourism.
Similar projects will come up in Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Madinah, Yanbu, Abha, Jazan, Buraidah, and Tabuk.
On completion, SEVEN Al Hamra is expected to attract 6 million visitors per year by providing world-leading entertainment attractions, remarked Abdullah AlDawood, Chairman of SEVEN, after signing the deal with Vidya Sagar, Vice President of Shapoorji Pallonji.
"SEVEN Al Hamra will feature many of the group's signature entertainment experiences including an indoor hubless wheel, Wave House indoor surfing, a 10-lane bowling alley, indoor skydiving, an indoor karting racetrack, as well as cinemas, restaurants, cafes, international retail stores, and fitness," he stated.
SEVEN has partnered with international design companies including AOA, CallisonRTKL in collaboration with Thinkwell, WME, and Ellis Don to design these Saudi entertainment projects, he added.
On the major project, Shapoorji Pallonji CEO Mohandass Saini, said: "Through Vision 2030, Saudi Arabia intends to become one of the most desirable places to live and visit in the world. Shapoorji Pallonji is pleased that SEVEN has decided to cooperate with us on this new and ambitious endeavour."
"This initiative will greatly expand our business portfolio and cement our heritage in Saudi Arabia for future generations," he stated.
"We are already executing multiple projects in Saudi Arabia and this project will certainly add significantly to our business portfolio," he added.-TradeArabia News Service
