A joint venture of Hassan Allam Holding and AlBawani Holding has been awarded a $490 million contract to construct the Saudi Arabia Museum of Contemporary Art (SAMoCA) in Diriyah, a flagship cultural project under the Diriyah development plan.
Hassan Allam Holding and AlBawani Holding Company have announced that their joint venture has secured a $490 million (SAR 1.84 billion) contract from Diriyah Company to build the Saudi Arabia Museum of Contemporary Art (SAMoCA), according to official disclosures. The project is one of the most prominent cultural and iconic developments within the Diriyah master plan.
The joint venture comprises Hassan Allam Construction – Saudi Arabia (a subsidiary of Hassan Allam Holding) and AlBawani Co. Ltd (a subsidiary of AlBawani Holding Company).
This development matters because SAMoCA represents a strategic investment in cultural infrastructure as part of Saudi Arabia’s broader diversification beyond oil, aligning with Vision 2030. Diriyah, a historic site on the outskirts of Riyadh, is being positioned as a global cultural and tourism destination. The contract also underscores the growing role of regional construction joint ventures in delivering large-scale, high-profile public projects. Industries impacted include construction, cultural tourism, and museum operations.
Regional stakeholders include Saudi Arabia’s Diriyah Company, the Museums Commission, and international contractors seeking partnerships with local firms.
For investors and contractors, the award signals continued momentum in Diriyah’s development pipeline, with further infrastructure, hospitality, and retail contracts likely. Hassan Allam’s five-decade presence in the Saudi market, combined with AlBawani’s local delivery capabilities, provides a template for foreign firms seeking to participate in the kingdom’s giga-project ecosystem.
Hassan Allam Holding is a Cairo-based engineering and construction group operating across the Middle East and North Africa.
AlBawani Holding is a Saudi construction and development company headquartered in Riyadh, specializing in large-scale infrastructure and commercial projects.
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