01 August 2024

Diriyah Company awarded contracts worth more than $15 billion ($4.13 billion) last month for key developments within the ancient Saudi city, which is part of Riyadh. These include a SR8-billion deal for the construction of four luxury hotels and a clubhouse complex being developed as part of its Wadi Safar masterplan; and a SR7.8-billion contract for the development of a mixed-use district – the Northern District – in Diriyah.

The SR8-billion contract calls for the construction of four world-class hotels – Aman, Six Senses, The Chedi, and Faena – and the Royal Diriyah Equestrian & Polo Club, and has been awarded to a joint venture of contractors Urbacon Saudi and Al Bawani.

Announcing the Wadi Safar deal, Diriyah said this was its biggest single contract till date. The contract was officially signed late last month by Ramez Al Khayyat, President of Urbacon Saudi Company, Fakher Al Shawaf, the CEO of Al Bawani Company and Jerry Inzerillo, the Group CEO of Diriyah Company, at a ceremony held in Diriyah.

With the deal inked, work is set to begin shortly on what will be another major development milestone for Diriyah Company, observed Inzerillo.

“The hotels are among the 40 plus across our two masterplans, Diriyah and Wadi Safar as we gear up to deliver world-class luxury experiences to visitors from across the kingdom, region and world. The  Polo Club will create a true centre of regional excellence and build on the proud history and heritage of the Arabian horse and Saudi’s equine traditions,” he stated.

Wadi Safar is also the location for the ongoing development of the Greg Norman designed championship signature golf course and Royal Diriyah Golf Club, he added.

The contract for the mixed-use district involves the construction of advanced educational institutions, cultural venues, modern offices, and a luxury hotel and was awarded to a joint venture of El Seif Engineering Contracting Company (ESEC) and China State Construction Engineering Corporation (CSCEC). The work is set to begin in the third quarter of this year.

The mega mixed-use district, which will come up in the northern part of Diriyah, will be executed by some of the most prominent real-estate developers from Saudi Arabia and around the world.  

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