Recently, China Harbor Bay Middle East Regional Management Center under CCCC seized the good opportunity of the New Year's opening and won four consecutive bids for four projects, including cable pile repair project of Saudi Arabia's Sugaq Power Plant, bonded zone to artificial island connecting bridge project of Saudi Arabia's Jizan Basic Downstream Industrial City, Saudi Arabia's Laheq connecting road and sea-crossing bridge project on the Red Sea, and high-grade residential project of Riyadh, Saudi Arabia, which laid a solid foundation for the marketing work in 2024.
Just this month, China Harbor Engineering Arabia Ltd. and China Railway Construction Saudi Arabia also won landmark construction contracts worth $3.2 billion, signed by Ahmed Suleim, CEO of the Jeddah Central Development Company (JCDA), in a historic partnership that is an important step for Chinese firms to begin the process of exporting to the Middle East.
The project includes infrastructure works and three landmarks such as the stadium, oceanarium and opera house, which are responsible for the construction of the first phase of infrastructure works at Jeddah Central Destination. Jeddah Central Destination is expected to have its grand opening by the end of 2027, featuring a beach, a marina, a waterfront promenade, etc. It is a multi-purpose entertainment center for welcoming tourists from all over the world, and is expected to become a leading cultural and entertainment destination in Saudi Arabia.
Among them, China Railway Construction Saudi Arabia and Sama Building Contractors Consortium successfully won the contract for the construction of the stadium. The modern stadium, which will be strictly built according to FIFA standards, can accommodate about 45,000 spectators, and its unique design and advanced cooling system may provide an excellent viewing experience for spectators.
Total construction and transportation contracting awards in Saudi Arabia increased significantly in the first half of 2023. oil prices strengthened after 2019. Saudi Arabia's development plans pushed construction contracting projects onwards, which required the skills and capabilities of foreign contractors. in 2020, foreign contractors secured $4.6 billion in new orders, and in 2021 won a further $5.1 billion in project contracts. A further change occurred this year, with a total of $7.7 billion in awards in the first two quarters.
China's successive project wins from Saudi Arabia to kick off 2024 is undoubtedly an open door, which will increase the international recognition and international visibility of Chinese companies. In addition, the growing population of Saudi Arabia and the continuous development of the tourism industry will also create more and more powerful market demand, which will also attract more Chinese enterprises to come to Saudi Arabia, injecting a continuous power for the development of Saudi Arabia and creating future prosperity in Saudi Arabia.
Focusing on this $3.2 billion project, Jeddah will continue to leverage its geographic, economic and cultural advantages, strengthen cooperation with international partners, and promote the city's sustainable development. Therefore, for Chinese companies, focusing on Jeddah and investing in Jeddah will undoubtedly open a new chapter for their development in Saudi Arabia and even the Middle East.