Qiddiya’s Formula One Speed Park Construction Budgeted at 4 Billion dollars kicks off in Saudi Arabia. Saudi Arabia’s Qiddiya Investment Company (QIC) has selected the contractors under a joint venture, local construction firm El-Seif Engineering Contracting, and United Arab Emirates (UAE) based company, Alec to construct buildings around the racetrack at Qiddiya’s Speed Park. The initial scope of the work was budgeted to $1.9 billion but with later works which are still in the design stage, the budget estimate seems will be placed at $4 billion in value. The Speed Park is set to be constructed around the Federation Internationale de l’Automobile grade one race track. This will be part of the Qiddiya’s Entertainment City resort core.
Once complete, the Speed Park will be able to host not only Formula One Grand Prix races but also motorcycling Motor GP races. Various company have placed their bids to Qiddiya Investment Company on the construction of roads, tunnel packages, and utilities estimated at $500 million in value. Qiddiya Investments reported to have selected local contractors Saudi Real Estate Infrastructure Company (Binyah). The company also selected Qatar based Infraroad Trading and Contracting Company to handle infrastructure works at Qiddiya’s resort core.
Read also: Qiddiyah City Development Project Updates, Saudi Arabia, Middle East
Current Bids Being Evaluated on a 5,300 seat e-games Arena at Qiddiya’s Sports Complex and Speed Park
Current bids are being placed in consideration as the client is also exploring on the prospects of awarding a contract on an e-games arena construction within Qiddiya’s sports complex and Speed Park. Qiddiya Investment Company is hoping to construct a 5,300 seat e-games arena at the Qiddiya’s sports complex to host e-games tournaments and matches. The venue will provide space for local and international competitions. Qiddiya’s Speed Park and sports complex will also include the construction of a stadium, a multi-sports hub, a training facility, two golf courses, and an aquatic center. Various companies also seek to be awarded tenders on construction of a water supply project within Qiddiya’s Sports Resort.
