Riyadh: Diriyah Company has announced a landmark $2.13 billion which is a SAR 8 billion joint venture construction contract to bring four luxurious hotels and the prestigious Royal Diriyah Equestrian and Polo Club to the Wadi Safar masterplan. This major development milestone is set to transform Diriyah into a global luxury destination.
What you need to know:
Historic contract award: This $2.13 billion contract, the largest ever awarded by Diriyah Company, involves a high-profile partnership between Urbacon Saudi Co. and Al Bawani Co. Ltd. Construction is set to begin soon, marking a significant advancement in the Wadi Safar masterplan.
Grand project scope: The contract includes the construction of four world-class hotels—Aman, Six Senses, The Chedi, and Faena—alongside the Royal Diriyah Equestrian & Polo Club. This high-profile venture is part of Diriyah's ambitious vision to create a premier luxury and cultural destination.
Official signing ceremony: The agreement was formalized in a ceremony attended by Ramez Al Khayyat, President of Urbacon Saudi Co.; Fakher Al-Shawaf, CEO of Al Bawani Co. Ltd.; and Jerry Inzerillo, Group CEO of Diriyah Company.
Expanding horizons: This announcement follows a recent $2.07 billion (SAR 7.8 billion) contract for the Northern District, underscoring Diriyah Company’s aggressive expansion strategy.
Jerry Inzerillo, Group CEO of Diriyah Company, highlighted the significance of the contract: “This agreement represents a major leap forward in our Wadi Safar masterplan. The addition of these four renowned hotels and the Royal Diriyah Equestrian & Polo Club will significantly enhance the luxury offerings in the region and strengthen Diriyah’s global appeal.”
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The Royal Diriyah Equestrian & Polo Club will be a centre-piece of regional excellence, celebrating the rich heritage of Arabian equestrian traditions. Meanwhile, Wadi Safar will also feature a Greg Norman-designed championship golf course, further enhancing its status as a premier global destination.
Ramez Al Khayyat of Urbacon Saudi Co. expressed excitement about the project: “We are honored to contribute to this prestigious initiative and collaborate with Diriyah Company on such a globally impactful project in Wadi Safar.”
Fakher Al-Shawaf from Al Bawani Co. Ltd. shared the sentiment: “We are thrilled to be part of this remarkable endeavor, which blends luxury, cultural heritage, and modernity, enriching Diriyah’s historical and touristic landscape.”