SaudiArabiaCourtsChineseBuildersforVision2030atDavos

(Davos, Switzerland) — Saudi Arabia has blanketed the main promenade of the World Economic Forum with pavilions and events this week, a high-visibility campaign designed to secure global capital and technical expertise for its massive economic transformation plan.

A central target of this outreach is Chinese industry. A high-level Saudi delegation, comprising nine ministers, used the gathering in the Swiss Alps to highlight the growing role of Chinese companies in the kingdom’s Vision 2030 gigaprojects.

Jerry Inzerillo, chief executive of the Diriyah Company — a $62.2 billion development backed by the sovereign Public Investment Fund (PIF) — told Caixin that Chinese enterprises are playing a pivotal role in Saudi Arabia’s transition away from an oil-dependent economy.

Diriyah, a UNESCO World Heritage site on the outskirts of Riyadh known as the birthplace of the Saudi state, is being transformed into a cultural and tourism hub. The project has already awarded contracts worth billions of dollars to Chinese firms.

“This is merely the beginning,” Inzerillo said in an interview at Davos.

Inzerillo described China’s infrastructure achievements as a “source of inspiration,” noting that Chinese contractors have established a reputation in the kingdom for being punctual, efficient and high-quality. These attributes, he said, have made them indispensable partners.

Chinese state-owned giants have recently secured several major contracts within the Diriyah development. A consortium including China State Construction Engineering Corp. was awarded a contract to build the Royal Diriyah Opera House, an investment valued at $1.36 billion.

Separately, a group led by China Railway Construction Corp. won a bid worth $1.13 billion for the relocation project of King Saud University. China Harbour Engineering Co. also secured a $1.533 billion contract for a “super block” that includes the construction of the multipurpose Diriyah Arena.

Looking ahead, Inzerillo said the Diriyah Company plans to release nearly $7 billion in new contracts this year and is actively inviting Chinese companies to bid.

While civil engineering remains the foundation of the partnership, Inzerillo emphasized that cooperation is expanding into technology. He noted that Saudi Arabia and China share significant common ground in artificial intelligence, data centers and digital transformation, citing similar paces of development in both nations.

Tourism is another pillar of the Vision 2030 strategy, with Riyadh aiming to attract 150 million annual visits by the end of the decade. Large-scale international events and destination projects like Diriyah are central to this goal. Inzerillo said his company is working closely with global travel agencies, including Shanghai-based Trip.com Group, to draw more Chinese tourists to the kingdom.

The Saudi delegation at Davos was led by Foreign Minister Prince Faisal bin Farhan. It included ministers overseeing finance, investment, tourism, commerce, communications, industry and economy, as well as Princess Reema bint Bandar, the Saudi ambassador to the U.S.

The delegation’s high profile reflects the kingdom’s urgency to maintain momentum for Vision 2030, using the forum as a window to align with global capital and industrial partners.

Contact editor Lu Zhenhua (zhenhualu@caixin.com)