Diriyah Company, the developer of Saudi Arabia's premier historical, cultural, and lifestyle destination, has announced a major milestone in the development of its hospitality portfolio with the awarding of two major construction contracts worth SAR2.73 billion ($720 million) to build six luxury hotels and three residential assets in Diriyah Square, thus reinforcing Diriyah’s position as an urban destination to live, work and visit.
Diriyah will be home to nearly 34 luxury hotel brands in the future across the Diriyah masterplan and the Wadi Safar masterplan, welcoming the world’s most renowned hospitality brands, with several of them entering the Saudi market for the first time, said the developer.
The hotels and residences will play a key role in helping Diriyah attract 100,000 residents and 50 million visits a year in the future when development of the SAR237 billion urban development project is complete, it stated.
According to Diriyah, the deals were inked with MAN Enterprise Al Saudia and Al Majal Al Arabi Group, operating as MAN and MAG JV, which will jointly develop three hotels and two residential assets under a contract valued at SAR1.324 billion.
Additionally, Urbacon Saudi Company has been awarded a SAR1.406 billion contract to develop three hotels and one residential asset.