Diriyah Company has announced the awarding of a US$2.13 billion (SAR 8 billion) joint venture construction contract for the development of four luxury hotels and the Royal Diriyah Equestrian & Polo Club. This project is a key component of the Wadi Safar masterplan. The joint venture partners, Urbacon Saudi Co. and Al Bawani Co. Ltd, will soon commence construction on this significant development milestone for Diriyah Company.
The Diriyah project is a major cultural and tourism initiative in Saudi Arabia, focused on the historic city of Diriyah, a UNESCO World Heritage site.
Located approximately 14 minutes from central Riyadh, Diriyah is famous for being the original capital of Saudi Arabia, as it was once the seat of power for the Al Saud family. During the 18th and 19th centuries, it was home to the founder of the first Saudi state, Mohammed bin Saud.
The overall development project aims to transform Diriyah into a global cultural destination, showcasing Saudi Arabia’s rich history and heritage. It includes the development of luxury hotels, cultural institutions, and world-class leisure facilities.
One of the key highlights is the restoration of At-Turaif, the birthplace of the Saudi state, along with the construction of the Diriyah Gate, which will feature museums, galleries, and traditional souks. The project reflects the Kingdom’s Vision 2030 goal to diversify its economy and promote cultural tourism.
The new contract was officially signed at a ceremony in Diriyah 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 (see photo above). It 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, CEO of Diriyah Company, stated: “This contract signifies a major advancement in our ambitious development plans for the Wadi Safar masterplan, which includes four world-class hotels – Aman, Six Senses, The Chedi, and Faena – along with our prestigious Royal Diriyah Equestrian & Polo Club. We are proud of the momentum across all aspects of our project and are thrilled to collaborate with two of Saudi Arabia’s leading construction firms.”
“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,” added Inzerillo.
President of Urbacon Saudi Co., 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. We are eager to begin our work on this project of global impact in the stunning Wadi Safar a worldwide landmark destination.”
Eng. Fakher AlShawaf, Group CEO of AlBawani Holding Company, expressed his delight at selecting AlBawani Ltd for the execution of this significant project, described as one of Diriyah Company’s most prestigious megaprojects. Eng. Fakher noted the project’s focus on luxury, cultural heritage, modernity, and improving the quality of life in the historical and touristic Diriyah region. “We at AlBawani Holding are honored to be part of such an impactful endeavor in Wadi Safar,” said Fakher AlShawaf.
This contract award marks the second major implementation of Diriyah Company’s new delivery partnership procurement strategy, fostering collaboration among contractors, SMEs, manufacturers, and suppliers to ensure efficient project execution. Further details about the hotels in Wadi Safar will be released in the coming months.
Wadi Safar is also the location for the ongoing development of the Greg Norman designed championship signature golf course and Royal Diriyah Golf Club.
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