Diriyah Company Announces Multi-Billion Dollar Qurain Cultural District and Northern District During Bashayer ’24
Diriyah Company has today announced details of two high profile multi-billion dollar educational and arts districts to be developed within the $63.2 billion Diriyah project, on the outskirts of the Saudi capital, Riyadh. The announcement was made during the 2nd edition of its annual international event “Bashayer - Delivering our Future”.
These two new high-profile districts demonstrate the accelerating growth and development of Diriyah, The City of Earth, one of the world’s biggest and most unique urban development projects spanning an area of 14 square kilometers.
Diriyah Company is committed to establishing a vibrant global hub, the Qurain Cultural District, where culture meets modern urban living, offering a diverse range of arts, retail, office, and residential spaces for people to live, work, shop local brands, and enjoy local dining experiences.
Its diverse range of multi-disciplinary cultural offerings will include assets in a diverse range of areas including a cinema, museums, and a number of academies including writing, traditional Najdi architecture and mud building, Arab music, culinary, performing arts and theatre.
The Qurain Cultural District will additionally have two world class hotels and branded residences including the 195-room Ritz-Carlton Diriyah with 165 residences and the Address Diriyah that will have 204-rooms and 60 serviced apartments.
The district will also feature 19 mixed-use buildings, including office, retail, and residences, 10 of which have various boutique office options, and a wide range of retail space and dining venues.
The development of the Qurain Cultural District includes a SAR 5.8 billion ($1.55 billion) contract awarded to a joint venture between Nesma & Partners Contracting Co. UJSC and MAN Enterprise Al-Saudia LLC.
The Northern District will make Diriyah a global center of learning for scholars, students, and visionaries that will include the King Salman Foundation, museums, a university, a library, and a vibrant public square. The new district will also host the recently announced Capella Diriyah, a 100-room luxury hotel that marks Capella Hotels and Resorts' groundbreaking entry into the Middle East.
Construction on elements of the Northern District is already underway following the announcement of a SAR 7.8 billion ($2 billion) joint venture contract with the China State Construction Engineering Cooperation Limited (CSCEC) and El Seif Engineering Contracting Co. Ltd.
The second edition of Bashayer is taking place in the first of Diriyah’s planned 40+ hotels – the 134-room Bab Samhan, a Luxury Collection Hotel. The new property is designed to reflect the 300-year old Najdi architectural features and will begin welcoming guests at the end of this year.
The “Bashayer – Delivering our Future” event saw participation from global investors, hospitality companies, construction firms, infrastructure experts and representatives from the sports, arts, culture, tourism and retail sectors. In addition to the new districts, the audience was also updated on the rapid progress being made in construction and the status of key assets.
Commenting on the new high-profile districts, Diriyah Company Group CEO Jerry Inzerillo said: “Qurain Cultural District and Northern District are two of our most important and significant areas of the Diriyah masterplan and demonstrate the range and diversity of what our City of Earth has to offer.
“They will both become global centers of excellence, of knowledge, learning and creativity as Diriyah once more becomes a gathering place for the world. We are delighted to share details of these major developments at Bashayer and share once more the unique range of investment opportunities and partnerships the Diriyah Company has to offer the world.”
The Diriyah project is one of Saudi Arabia’s five giga-projects backed by the world’s 5th largest sovereign wealth fund, the Public Investment Fund, and is building homes for 100,000 people, creating 178,000 jobs, will host 50 million visits a year in the future and contribute $18.6 billion to Saudi Arabia’s GDP.
