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PIF-backed master developer Diriyah has awarded a SAR 8 bn (c. USD 2.1 bn) contract to a joint venture to develop projects in Wadi Safar, narrowly eclipsing its largest-ever single contract, which it awarded earlier this month, it said in a statement.
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What we know: A joint venture comprising local contractor Al Bawani and Urbacon Saudi will build four luxury hotels — Aman, Six Senses, The Chedi, and Faena — as well as the Royal Diriyah Equestrian and Polo Club at its Wadi Safar masterplan. Urbacon Saudi is a local affiliate of Qatar’s Urbacon Trading and Contracting Company.
What they said: “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, the region and the world. The Royal Diriyah Equestrian & Polo Club will create a true center of regional excellence and build on the proud history and heritage of the Arabian horse and Saudi’s equine traditions,” Diriyah Group CEO Jerry Inzerillo said.
BACKGROUND: Diriyah awarded earlier this month a USD 2 bn project to a joint venture between local contractor El Seif Engineering Contracting and Chinese state-owned construction company China State Construction Engineering Corp. The two will build a mixed-use district in the north of Diriyah.
About Diriyah: Established in 2022, the Diriyah Company was tasked with developing Diriyah — the ancestral home of the royal family — at a cost of USD 63 bn. The development, which spans 14 square kilometers, is set to be home to 28 hotels, 18k residential units, 566k sqm in retail space in gross floor area and others.
