SAR2.73 billion contracts awarded to develop hotels and residences in Diriyah Square
Diriyah Company
has awarded two construction contracts worth a combined SAR2.73 billion ($720
million) for five luxury hotels and three residential assets in Diriyah Square,
marking another major step in the development of the Kingdom’s ambitious
cultural and lifestyle destination.
The contracts, reported by TradeArabia News Service, are
expected to strengthen Diriyah’s position as a destination for living, working
and tourism while accelerating construction activity across the wider Diriyah
masterplan.
Under the first contract, valued at SAR1.324 billion, MAN Enterprise Al Saudia and Al Majal Al Arabi Group, operating as MAN and
MAG JV, will jointly deliver three hotels and two residential assets.
Urbacon Saudi Company has
been awarded a separate contract worth SAR1.406 billion to develop three hotels
and one residential asset.
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The combined development will feature 413 luxury hotel rooms and
34 branded residential units. The scope of work includes building facades,
blockwork, interior fit-out, mechanical, electrical and plumbing systems, as
well as external works for the properties.
The projects form part of Diriyah Company’s broader plans to
establish a major urban destination rooted in Saudi Arabia’s cultural and
architectural heritage. The developer expects Diriyah to eventually host nearly
34 luxury hotel brands across the Diriyah and Wadi Safar masterplans, including
several international hospitality brands entering the Saudi market for the
first time.
Once the SAR237 billion development is completed, Diriyah is
expected to accommodate approximately 100,000 residents and attract up to 50
million visits annually.
Jerry Inzerillo, Group CEO of Diriyah Company, described the
latest contract awards as another significant milestone in the company’s
expanding portfolio of internationally recognised hotels and residences.
He said the completed assets would contribute to a world-class
visitor and residential experience within the pedestrianised Diriyah Square
precinct, where more than 400 retail and dining brands are planned.
The development’s built environment draws inspiration from Najdi
architectural traditions, with the company positioning Diriyah Square as a
destination that combines heritage, hospitality, tourism, entertainment, retail
and residential living.
The latest awards are also expected to maintain construction
momentum across the Diriyah and Wadi Safar masterplans as Diriyah Company
expands its hospitality and branded residential portfolio.
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Both contractors have previously secured major projects from
Diriyah Company.
Urbacon Saudi Company S.P.C. is part of an SAR8 billion joint
venture awarded contracts to develop four additional hospitality assets and the
Royal Diriyah Equestrian and Polo Club in Wadi Safar.
MAN and MAG JV previously secured a SAR917 million contract to
construct the Grand Mosque in Diriyah.
The latest awards underscore the scale of Diriyah Company’s
ongoing development programme and its strategy to establish Diriyah as a major
destination for international visitors, residents and businesses.
Source:
https://www.indexbox.io/
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