Saudi Diriyah Co. signs $2 billion contract to develop Wadi Safar development
Diriyah Co. has finalized a $2 billion contract with Urbacon Saudi Co. and Al-Bawani Group for the development of the Wadi Safar project. This major initiative will include the creation of the Royal Diriyah Equestrian and Polo Club and several luxury hotels.
Diriyah Co. Group CEO Jerry Inzerillo remarked, "Securing a $2 billion contract is rare in global development circles, but this monumental package for Wadi Safar represents one of the most ambitious residential projects in the world."
The Memorandum of Understanding (MoU) was signed at the DGDA headquarters in Riyadh by Inzerillo, Urbacon Trading & Contracting President Ramez Al-Khayyat, and Al-Bawani Group CEO Fakher Al Shawaf.
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Inzerillo outlined that Wadi Safar will feature the Royal Diriyah Equestrian and Polo Club, a Greg Norman-designed 27-hole golf course, and ten extraordinary resorts. Among these, four are included in the initial development package: Aman, which promises to be among the most stunning of its kind, Oberoi, renowned for its luxury from India, Faena from Argentina and Miami, and Chedi from the Far East.
"This project will stand as one of the most exceptional high-end luxury developments globally, supported by a $2 billion investment," Inzerillo stated.
He also noted that Diriyah Co. has recently secured another $2 billion deal for their northern district project, which will feature the King Salman Library, King Salman University, and Diriyah Square. Additional high-value contracts are expected to be announced before December.
"This underscores Diriyah's rapid progress towards realizing Vision 2030," Inzerillo added. "Diriyah will be ready in time for Expo 2030 Riyadh, which aims to be the world's greatest expo."
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Located to the west of Diriyah, Wadi Safar is designed to be a premier residential and cultural destination, offering top-tier experiences in polo, luxury accommodations, and golf.
Mohamed Saad, President of Diriyah Co., emphasized the importance of this partnership: "This development is a cornerstone for Wadi Safar, featuring key assets such as the Royal Diriyah Equestrian and Polo Club, the largest of its kind in the region, and a range of high-end hotels including Amaala Resort, Six Senses, and Chedi."
Saad highlighted that the design and construction of these assets reflect Diriyah’s rich heritage and culture. "All our projects aim to honor and celebrate the legacy and traditions of Diriyah," he said.
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The golf course at Wadi Safar is already completed, with plans to open it soon. The hotels are expected to start opening in stages beginning in 2026, with all assets fully operational by 2030.
Source: https://www.rli.uk.com/
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