Diriyah Company inks contracts valued at $720 million for projects

 

Diriyah Company signs contracts for two initiatives withing Diriyah Gate project 

Saudi Arabia’s Diriyah Company has finalized agreements totaling SR2.7 billion ($720 million) to advance two initiatives within its Diriyah Gate project in Riyadh.

The initial contract, valued at SR700 million ($186 million), was granted to local contractor Saudi Constructioneers for the construction of the Ritz Carlton Residences. This contract encompasses the development of 106 three-, four-, and five-bedroom villas at Diriyah Gate.

 

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Additionally, Diriyah Company has awarded the infrastructure development contract to Riyadh-based Al Ayuni Investment & Contracting Company. This contract pertains to infrastructure enhancements across a 323-hectare area as part of the second phase of the Diriyah Gate project, also known as DG2.

In January, Al Ayuni had been selected for a SR2 billion ($533 million) contract at the Diriyah Gate project.

DG2 is slated to include residential complexes, hotels, a university, an opera house, a Saudi Museum of Contemporary Art, six academies, an arena, and a grand mosque.

 

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The Diriyah masterplan envisions the city as a cultural and lifestyle tourism hub. Situated northwest of Riyadh’s city center, it encompasses 1 square kilometer and integrates 300 years of history, culture, and heritage with hospitality amenities.

The project will encompass entertainment, retail, educational, business, and residential zones, featuring 38 hotels, over 100 dining establishments, and multiple museums.

Designed in the traditional Najdi architectural style, reminiscent of ancient Saudi villages, the mixed-use urban community will embody a blend of modernity and heritage.

 

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The historic city of Al Turaif serves as the centerpiece of Diriyah. Constructed in 1766, Al Turaif was recognized as a UNESCO World Heritage Site in 2010.

Upon completion, Diriyah will accommodate up to 100,000 residents and visitors, establishing itself as a premier destination in the region.

Source: https://www.meed.com/