Diriyah Company Awards $728m Contracts for Diriyah Square

6 Oct 2026 · Riyadh

StatusReported by the outlet; not confirmed elsewhere.

Diriyah Company has awarded two construction contracts worth a combined $727.9 million (SAR 2.729 billion) for five luxury hotels and three residential assets at Diriyah Square. MAN and MAG JV secured a $353.1 million (SAR 1.324 billion) contract covering three hotels and two residential assets. Urbacon Saudi Company S.P.C. was awarded a $374.8 million (SAR 1.406 billion) contract for three hotels and one residential asset. Both packages include building facades, blockwork, fit-out, mechanical and electrical systems, plumbing installations, and external works. Together, the assets will deliver 413 luxury hotel rooms and 34 branded residential units within Diriyah Square’s pedestrianised precinct. Jerry Inzerillo, Group CEO of Diriyah Company, stated that these contracts mark an important milestone in developing a world-class portfolio of hotels and residences in Diriyah. The development aims to attract 50 million visits a year once complete.

Why this mattersFor developers in Madinah, the awarding of these contracts at Diriyah Square signals a significant investment in luxury hospitality and residential projects, potentially setting a benchmark for future developments in the region. The scale and ambition of Diriyah's plans may influence market expectations and standards for luxury projects, offering insights into design and construction trends that could be applied locally.

Key figures$727.9 million · SAR 2.729 billion · 413 hotel rooms · 34 residential units · $63.2 billion development · 50 million visits a year

Source: Cbnme

All news →