Diriyah Company Awards $2.13 Billion Contract For Luxury Hotels, Equestrian Club In Wadi Safar

Diriyah Company has awarded a $2.13 billion (SAR 8 billion) joint-venture construction contract to build four luxury hotels and the Royal Diriyah Equestrian & Polo Club. This project is part of the Wadi Safar masterplan. The contractors for this venture are Urbacon Saudi Co. and Al Bawani Co. Ltd, with construction set to begin soon.

The contract was signed at a ceremony in Diriyah by Urbacon Saudi Co. president Ramez Al Khayyat, Al Bawani Co. Ltd chief executive Fakher Al-Shawaf, and Diriyah Company group chief executive Jerry Inzerillo. This is the largest single contract awarded by Diriyah Company to date, following a recent $2.07 billion (SAR 7.8 billion) contract for the Northern District.

Jerry Inzerillo stated, "This contract marks another major step in accelerating our exciting development plans for the Wadi Safar masterplan and includes four world-class hotels -- Aman, Six Senses, The Chedi, and Faena -- and our prestigious Royal Diriyah Equestrian & Polo Club." He expressed pride in the project's momentum and delight in partnering with leading Saudi construction firms.

The hotels are part of over 40 planned across the Diriyah and Wadi Safar masterplans. These developments aim to offer luxury experiences to visitors from Saudi Arabia, the region, and globally. The Royal Diriyah Equestrian & Polo Club will enhance regional excellence and celebrate Arabian horse heritage.

Urbacon's Ramez Al Khayyat said, "We are honored 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." He highlighted Wadi Safar as a landmark destination of global significance.

AlBawani's Fakher Al-Shawaf expressed his excitement about being selected for this significant project. He described it as one of Diriyah Company's most prestigious megaprojects focusing on luxury, cultural heritage, modernity, and improving life quality in historical Diriyah.

Future Announcements

Further details about the hotels being developed in Wadi Safar will be shared by Diriyah Company in the coming months. The ongoing development also includes a Greg Norman-designed championship golf course and Royal Diriyah Golf Club.

This award represents the second major implementation of Diriyah Company's new delivery partnership procurement strategy. This approach fosters collaboration among main contractors, SMEs, manufacturers, and suppliers for efficient project execution.

The project aims to create a true center of regional excellence while building on Saudi’s equine traditions. Eng. Fakher noted that AlBawani Holding is honored to contribute to such an impactful endeavor in Wadi Safar.

The signing ceremony marked another milestone for Diriyah Company's ambitious plans for development within Saudi Arabia.

With inputs from SPA