Fangda Group Signs SAR 2.05 Billion Stadium Curtain Wall Project in Saudi Arabia

en.Wedoany.com Reported - On October 18, Fangda Group, through its Saudi joint venture IKK Fangda JV Company, signed a subcontract for the curtain wall works of the Prince Mohammed bin Salman Stadium in Qiddiya City, Saudi Arabia, with the stadium general contracting consortium UPTOWN STADIUM CONSTRUCTION JV. The total contract value is approximately SAR 1.147 billion, equivalent to RMB 2.05 billion, covering the main stadium venue as well as the museum and ancillary building façade works, with a contract duration of 863 days. Fangda Group disclosed the signing on October 19.

This contract covers the curtain wall façade works for the main stadium venue under Package One and the museum and ancillary buildings under Package Three of the stadium project. The scope of work includes curtain wall system design, material supply, and on-site installation. The project is located in Qiddiya City near Riyadh, Saudi Arabia, and is one of the planned match venues for the Saudi 2034 FIFA World Cup. The stadium is planned to accommodate approximately 45,000 spectators, and its design includes a retractable roof and building façade systems.

IKK Fangda JV Company was jointly established by Shihui International Holdings Limited, a wholly-owned subsidiary of Fangda Group, and Isam Kabbani & Partners for Building & Construction Materials Co. Ltd., a company under Saudi IKK Group, with the two parties holding 51% and 49% equity respectively. The project's general contractor, UPTOWN STADIUM CONSTRUCTION JV, is composed of Spain's FCC Construcción and Saudi Arabia's Nesma & Partners. This curtain wall project is implemented in the form of a specialized subcontract.

The contract amount excluding tax is SAR 997 million. It provides for staged payment of advance payments and progress payments, with retention money replaceable by letters of guarantee and released according to contract milestones. Final settlement shall be processed after completion of the performance certificate. The contract sets liquidated damages for delay and subcontractor liability for compensation; if the general contractor's overdue payments reach the conditions stipulated in the contract, the subcontractor may, after fulfilling the notification procedures, suspend or terminate the contract and claim settlement payments.

This contract is equivalent to approximately RMB 2.050 billion, accounting for 60.70% of Fangda Group's audited operating revenue for 2025. The contract takes effect upon signing and sealing by both parties, and subsequent revenue will be recognized based on actual performance progress and applicable accounting standards.