Diriyah Company, the developer of Saudi Arabia's premier historical, cultural, and lifestyle destination, has announced a major milestone in the development of its hospitality portfolio with the awarding of two major construction contracts worth SAR2.73 billion ($720 million) to build five luxury hotels and three residential assets in Diriyah Square, thus reinforcing Diriyah’s position as an urban destination to live, work and visit.
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, said the developer.
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 SAR237 billion urban development project is complete, it stated.
According to Diriyah, the deals were inked with MAN Enterprise Al Saudia and Al Majal Al Arabi Group, operating as MAN and MAG JV, which will jointly develop three hotels and two residential assets under a contract valued at SAR1.324 billion.
Additionally, Urbacon Saudi Company has been awarded a SAR1.406 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, stated the developer.
The combined development will boast 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, it added.
On the contracts, 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 pedestrianized 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," he stated.
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.
According to Diriyah, both contractors for the Diriyah Square hospitality and residential assets have previously been awarded other high-profile contracts by the company.
Among these is a SAR8 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 SAR917 million contract to build the Grand Mosque in Diriyah," he added.-TradeArabia News Service
