Diriyah Company Announces $2.13 Billion Contract for Construction of Four Luxury Hotels and Royal Diriyah Equestrian & Polo Club in Wadi Safar
Diriyah Company has announced the awarding of a $2.13 billion (SAR 8 billion) joint venture construction contract to build four luxury hotels and the Royal Diriyah Equestrian & Polo Club as part of the Wadi Safar masterplan being developed by Diriyah Company.
The joint venture contractors are Urbacon Saudi Co. and Al Bawani Co. Ltd with construction work set to commence shortly on what will be another major development milestone for Diriyah Company. Contracts were officially signed today at a ceremony held in Diriyah between Ramez Al Khayyat, President of Urbacon Saudi Co., Fakher Al-Shawaf, CEO of Al Bawani Co. Ltd and Group CEO of Diriyah Company, Jerry Inzerillo.
The contract is the biggest single contract awarded to date by the Diriyah Company and follows the announcement of a more than $2.07 billion (SAR 7.8 billion) contract to build the Northern District earlier in July.
Diriyah Company Group CEO, Jerry Inzerillo said: “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. As a developer we are extremely proud of the momentum across all aspects of our project and are delighted to have two of Saudi Arabia’s leading construction firms on board to deliver this major part of the Wadi Safar masterplan.”
“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.”
Wadi Safar is also the location for the ongoing development of the Greg Norman designed championship signature golf course and Royal Diriyah Golf Club.
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.
For Diriyah Company and its development arm the award marks the second major implementation of Diriyah Company’s new delivery partnership procurement strategy. An approach that fosters a collaborative environment among Diriyah, its main contractors, SMEs, manufacturers and suppliers, ensuring efficient and effective project execution.
Further details of the hotels being developed in Wadi Safar will be announced by Diriyah Company in the coming months.
