Diriyah Company Announces $727.9 Million Construction Contracts to Advance Hospitality and Residential Development in Flagship Diriyah Square

Diriyah Company has announced a major milestone in the development of its hospitality portfolio with the award of two major construction contracts to build 5 luxury hotels and 3 residential assets in Diriyah Square, with a combined value of $727.9 million (SAR 2.729 billion).

MAN, and MAG JV will develop three hotels and two residential assets under a contract valued at $353.1 million (SAR 1.324 billion).

Additionally, Urbacon Saudi Company S.P.C. has been awarded a $374.8 million (SAR 1.406 billion) contract to develop three hotels and one residential asset.

The scope of work for both contracts includes the development of the building facades, blockwork, fit-out, mechanical, electrical and plumbing and external works for each of the properties.

The combined development will include 413 luxury hotel rooms and 34 branded residential units, providing an exceptional experience for both guests and residents in the vibrant heart of Diriyah Square.

Commenting on the contracts, Diriyah Company Group CEO, Jerry Inzerillo, said: “The announcement of these contracts marks another important milestone as we continue to develop our world-class portfolio of globally renowned hotels and residences in Diriyah.

When complete, these hospitality and residential assets will deliver a truly world-class visitor and residential experience in the bustling heart of our pedestrianized Diriyah Square precinct where we will also have over 400 iconic retail and lifestyle brands. Set within a built environment inspired by centuries of Najdi architectural heritage, they will further strengthen Diriyah's position as one of the world's greatest gathering places.”

Diriyah will be home to nearly 34 luxury hotel brands in the future across the Diriyah masterplan and the neighboring exclusive Wadi Safar masterplan, welcoming the world’s most renowned hospitality brands, with several of them entering the Saudi market for the first time.

The hotels will play a key role in helping Diriyah attract 50 million visits a year in the future when development of the $63.2 billion (SAR 237 billion) urban development project is complete.

Both contractors for the Diriyah Square hospitality and residential assets have previously been awarded other high-profile contracts by Diriyah Company. Among these are a $2.1 billion (SAR 8 billion) joint venture involving Urbacon Saudi Company S.P.C. to develop four additional hospitality assets and the Royal Diriyah Equestrian and Polo Club in Wadi Safar. MAN, and MAG JV also won the $244 million (SAR 917 million) contract to build the Grand Mosque in Diriyah’s second phase.

The latest awards further reinforce the delivery momentum across the Diriyah and Wadi Safar masterplans, as Diriyah Company continues to advance its world-class hospitality and branded residential portfolio.