(Yicai) Oct. 19 -- China Fangda Group, a leading Chinese curtain wall contractor, has secured a SAR1.15 billion (USD306 million) pre-tax contract to design, supply and install curtain walls, which are non-load-bearing exterior walls, for two sections of Saudi Arabia’s Prince Mohammed bin Salman Stadium project.

Fangda has formed a joint venture with a local partner that will undertake curtain wall construction of the main stadium, museum and ancillary buildings, the Beijing-based company said in a statement released at noon today, citing the deal signed by the JV and the project’s general contractor Uptown Stadium Construction JV. The contract covers design, material supply and installation, with a project duration of just under two-and-a-half years.

The JV comprises Shihui International Holdings, a wholly-owned subsidiary of Fangda, and Isam Kabbani & Partners for Building & Construction Materials, a wholly-owned unit of Saudi Arabia’s IKK Group. Shihui International holds a 51 percent stake, while its Saudi Arabian partner owns the remainder, Fangda said.

The PMBS Stadium, located in the city of Qiddiya, is a flagship project under Saudi Arabia’s “Vision 2030” initiative and is set to serve as a venue for the 2034 FIFA World Cup once completed. The stadium’s curtain-wall construction must withstand challenging conditions, including high wind loads at cliffside elevations, sandstorms and extreme heat, all of which place stringent demands on curtain-wall system design, material performance and on-site construction management, the company said.

Upon completion, the project is expected to become a landmark development for Fangda in the Middle East, enhancing its international profile, the firm said. The contract amount represents 60.7 percent of the company’s audited operating revenue in 2025 and is therefore expected to have a positive impact on its financial performance in the coming years, it added.

But the news failed to boost Fangda’s stock price [SHE: 000055], which closed down 1.8 percent at CNY3.76 (USD0.56) apiece today.

Editor: Kim Taylor