RIYADH: An excavation contract worth SR758.5 million ($201.8 million) has been awarded to China Harbor Engineering Co. by Diriyah Co., as development of the city continues ahead of schedule.

The work, spanning 6.3 sq. km in the second phase of the project, will prepare the site for major cultural assets, including the Royal Diriyah Opera House and the 20,000-seat Diriyah Arena.

More than 600 heavy machines will be used during the excavation, and the awarding of the contract marks a significant milestone in the realization of the Public Investment Fund’s Diriyah Co. masterplan for the area.

With more than 40 hotels, arts districts, museums, and world-class sporting venues planned, Diriyah will serve as a cultural and economic hub on the outskirts of Riyadh, supporting the Kingdom’s Vision 2030 goals.

“We are excited to begin bulk excavation works in the second phase of the Diriyah project, marking another key milestone in the development of ‘The City of Earth,’” said Jerry Inzerillo, Group CEO of Diriyah Co. 

“Progressing ahead of schedule, this excavation will enable smooth and efficient development of major cultural assets that will attract millions of visitors annually to Diriyah and inspire the world,” he added. 

The development is projected to create 178,000 direct jobs and contribute SR70 billion to the national economy, aiding the Kingdom’s goals of economic diversification and job creation.

By 2030, Diriyah is expected to host over 100 restaurants and educational institutions, attracting 50 million visits annually.

Diriyah Co. will apply circular economy principles to the project, repurposing excavated materials for road bases, landscaping, and backfill in accordance with international sustainability guidelines. 

This approach aims to enhance environmental performance and sustainability across the development. 

Yang Zhiyuan, CEO of China Harbor Engineering Co. Ltd., emphasized the project’s alignment with sustainable development goals. 

“We are honored to collaborate with Diriyah Co. on the execution of the Bulk Excavation Works project. We will focus on environmental protection awareness and sustainable development concepts during implementation, ensuring the timely delivery of the project, contributing to the preservation of Diriyah’s heritage, cultural exchange and the development goals of Saudi Vision 2030,” Zhiyuan said. 

The excavation contract is the latest in a series of significant awards by Diriyah Co. in 2024, including a $1.55 billion joint venture for the Qurain Cultural District in November, a $2.08 billion agreement for the Northern District in July, and a $2.13 billion deal for four luxury hotels and the Royal Diriyah Equestrian and Polo Club in Wadi Safar, also in July.

JEDDAH: Egypt has cut fuel consumption by 6.04 percent, resulting in monthly savings of 1.2 billion Egyptian pounds ($23.6 million) while advancing its green energy goals for sustainability and efficiency.

In collaboration with the private sector, fuel use was cut from 182 grams per kilowatt-hour to 171 g/kWh, the country’s Minister of Electricity and Renewable Energy Mahmoud Esmat revealed.

The move reflects Egypt’s commitment to focusing on renewable sources and decreasing its dependence on fossil fuels, alongside a drive to enhance efficiency by upgrading networks and lighting systems, promoting energy-saving devices among citizens, and providing incentives for the private sector.

Speaking at the Energy Transition and Sustainable Development conference on behalf of Prime Minister Mostafa Madbouly, Esmat emphasized ongoing efforts to integrate renewable energy capacity and battery storage systems into the national grid.

Esmat added that his ministry is actively implementing a strategy with concrete action plans to maximize the utilization of renewable energy resources. He also highlighted that the strategy aims for a 42 percent renewable energy contribution to the overall energy mix by 2030 and 60 percent by 2040 through partnerships with the private sector.

He emphasized the government’s support for local manufacturing, particularly in electrical equipment for renewable energy, including the localization of modern technologies to improve efficiency, reduce losses, and enhance the quality of domestically produced goods to ensure their competitiveness in the global market.

According to Esmat, this reduces the burden on traditional fuels, eases pressure on foreign currency reserves, and curtails carbon emissions.

Addressing the conference, organized by the Al-Ahram Foundation to discuss the present and future strategies of Egypt’s electricity and renewable energy sector, Esmat emphasized the significance of the event, highlighting its focus on the connection between energy and development.

The minister reaffirmed Egypt’s commitment to the peaceful use of nuclear energy, calling it a key element in achieving the country’s Vision 2030. 

He pointed to the El-Dabaa Nuclear Power Plant as an example of a strategic national project that will contribute to sustainable development by meeting the growing electricity demand and enhancing security.

Esmat also outlined efforts to stabilize the national grid, including the transition to a smart grid with remote monitoring and control. He reiterated the country’s commitment to sustainability by reducing reliance on traditional energy sources, increasing renewable energy capacity, and incorporating battery storage through public-private partnerships.

The minister stressed the importance of electrical interconnection projects, highlighting existing links with Jordan, Sudan, and Libya, as well as a new interconnection with Saudi Arabia that allows for the exchange of up to 3,000 megawatts, leveraging varying peak demand periods. 

He added that the interconnection with Italy and Greece will position Egypt as a vital energy bridge between Africa and Europe.

He also detailed plans to improve the sector’s operational quality and efficiency by managing resources, maximizing returns, and enhancing the sustainability of electricity supply. This includes reducing technical and commercial losses, boosting performance, ensuring adequate service, and addressing electricity theft.

Esmat concluded by stating that the time has come for private investment to play a key role in electricity generation and distribution. He highlighted the importance of knowledge sharing, capacity building, and training for personnel to improve efficiency and productivity.