Diriyah Company Awards $728 Million in Contracts for Luxury Hotels

Diriyah Company has awarded two major construction contracts with a combined value of $727.9 million (SAR 2.729 billion) for the development of five luxury hotels and three branded residential assets in Diriyah Square, Saudi Arabia. The latest awards are part of Diriyah Company’s ongoing development of its hospitality and residential portfolio within the $63.2 billion (SAR 237 billion) Diriyah masterplan. MAN and MAG JV has secured a $353.1 million (SAR 1.324 billion) contract to develop three luxury hotels and two residential assets in Diriyah Square. Urbacon Saudi Company S.P.C. has been awarded a $374.8 million (SAR 1.406 billion) contract to develop three luxury hotels and one residential asset within Diriyah Square. The eight assets covered by the two contracts will collectively comprise 413 luxury hotel rooms and 34 branded residential units. Diriyah Square is planned to feature more than 400 retail and lifestyle brands, with its architecture and built environment drawing inspiration from centuries of Najdi heritage. Jerry Inzerillo, Group CEO of Diriyah Company, said the latest contracts represent another important milestone in the development of the company’s portfolio of internationally renowned hotels and residences. The latest contracts also build on the contractors’ existing involvement in major Diriyah projects, further strengthening construction activity across the Diriyah and Wadi Safar masterplans.