Diriyah Company has announced the award of two major construction contracts to build five luxury hotels and three residential assets in Diriyah Square, with a combined value of SR2.729 billion ($730 million).

MAN Enterprise Al Saudia LLC and Al Majal Al Arabi Group, operating as MAN and MAG JV, will develop three hotels and two residential assets under a contract valued at SR1.324 billion, a Saudi Press Agency (SPA) report said.

Additionally, Urbacon Saudi Company has been awarded a SR1.406 billion contract to develop three hotels and one residential asset.

Work scope

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.

Diriyah Company Group CEO Jerry Inzerillo said that the announcement of these contracts marks another important milestone as the company continues to develop its 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 the pedestrianised Diriyah Square precinct where there will also be over 400 iconic retail and dining brands. Set within a built environment inspired by Najdi architectural heritage, they will further strengthen Diriyah's position and highlight its potential in hospitality, tourism and entertainment.

34 luxury hotel brands

Diriyah will be home to nearly 34 luxury hotel brands in the future across the Diriyah masterplan and the 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 and residences will play a key role in helping Diriyah attract 100,000 residents and 50 million visits a year in the future when development of the SR237 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 is a SR8 billion joint venture involving Urbacon Saudi Company to develop four additional hospitality assets and the Royal Diriyah Equestrian and Polo Club in Wadi Safar. MAN and MAG JV also won the SR917 million contract to build the Grand Mosque in Diriyah.—TradeArabia News Service