Diriyah inks $2.1bn construction contract for Wadi Safar projects
RIYADH, July 24, 2024
Diriyah Company has announced a SAR8 billion ($2.13 billion) contract for the construction of four luxury hotels and the Royal Diriyah Equestrian & Polo Club being developed as part of its Wadi Safar masterplan.
The contract for the four world-class hotels - Aman, Six Senses, The Chedi, and Faena - and the Royal Diriyah Equestrian & Polo Club, 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 and follows the announcement of the $2.07 billion deal to build the Northern District earlier in July.
The contract was officially signed today (July 24) 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.
"This contract marks another major step in accelerating our exciting development plans for the Wadi Safar masterplan and includes four world-class hotels and our prestigious Royal Diriyah Equestrian & Polo Club," he stated.
"As a developer, we are extremely proud of the momentum across all aspects of our project and are delighted to have two of Saudi Arabia’s leading construction firms on board to deliver this major part of the Wadi Safar masterplan," he stated.
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.
Al Khayyat said: “We are honoured to have been entrusted with this prestigious contract and to be given the opportunity to collaborate with Diriyah Company in developing their luxury hotels, including the exceptional Royal Diriyah Equestrian & Polo Club."
"We are eager to begin our work on this project of global impact in the stunning Wadi Safar a worldwide landmark destination," he added.-TradeArabia News Service
