Chinese-Saudi consortium lands $306 million stadium façade contract amid Houthi attacks

On Oct 18, IKK Fangda JV Co., a 51-percent-Chinese and 49-percent-Saudi consortium, signed a 1.15 billion-riyal agreement to provide the exterior façade for the Prince Mohammed bin Salman Stadium at the Qiddiya entertainment complex near Riyadh. The joint venture, comprising Shihui International Holdings of China Fangda Group and Isam Kabbani & Partners of the IKK Group, will also outfit a museum and ancillary structures, aiming to finish the work within 863 days as disclosed on Oct 19.

The stadium, designed for over 45,000 spectators with views of the Tuwaiq cliffs, is slated as one of the venues for the 2034 FIFA World Cup, reflecting Saudi Arabia’s Vision 2030 ambition to expand its sports and entertainment sector. The award comes amid a recent rise in attacks by Yemen’s Houthi rebels, which have already disrupted the kingdom’s event calendar. Nonetheless, the project signals confidence in Saudi Arabia’s long-term diversification strategy despite security challenges. The contract highlights growing Chinese involvement in Gulf infrastructure projects.