The State Properties General Authority (SPGA) and the National Center for Privatization and PPP (NCP) have announced that eight companies and consortiums have qualified for the Quality Valley Riyadh Project, a major mixed-use development planned on the headquarters site of the Saudi Standards, Metrology and Quality Organization (SASO) in Al Muhammadiyah District of Riyadh.
A Saudi urban development initiative, Quality Valley Riyadh Project is being developed in the Saudi capital and involves the Ministry of Finance, the Ministry of Investment and other government entities.
The qualified bidders include three individual companies – Al Ayuni Investment and Contracting; Mada International Holding and Tanami Holding – as well as five consortiums, comprising leading Saudi real estate developers, investment firms, contractors, and infrastructure players. These include: Abdulrahman Saad Al Rashid & Sons Company with Saudi Bonyan Real Estate Investment, and Al Rashid Real Estate (Artar); AREIC with Skybridge and Al Bawardi Holding Group; Ajdan Real Estate Development with Al Oula Real Estate Development; Sumo International Investment with Buna Holding, and Buna Al Khaleej Contracting; and Hiyazah Real Estate Development Company with Ahmed Mohammed Al Saif & Sons Trading and Investment, Bait Al Mawared Contracting, and Assets Facilities Management.
Gulf Construction had in April reported that SPGA and NCP had launched the Expression of Interest (EoI) phase for the development of the Quality Valley project, under a public-private partnership (PPP) design, build, finance, operate, maintain, and transfer model.
A total of 59 companies had submitted EoIs for the project including 36 developers, 11 contractors, three consultants, six equity investors and three firms from the financial services sector.
The project, spanning over 191,000 sq m, aims to create an urban destination that combines government and commercial office spaces, retail components, as well as the development of mosques, landscaped areas, roads, and pedestrian pathways.
The contract is for a duration of 32 years (in addition to a three-year construction period).
