Diriyah Company, the premium developer redefining urban planning in Saudi Arabia, has awarded a $2.13 billion joint venture construction contract to build four luxury hotels and the Royal Diriyah Equestrian & Polo Club as part of the Wadi Safar masterplan being developed by the company.
The joint venture contractors are Urbacon Saudi Co. and Al Bawani Co. Ltd with construction work set to commence shortly on what will be another major development milestone for Diriyah Company.
Contracts were signed on Wednesday at a ceremony held in Diriyah between Ramez Al Khayyat, President of Urbacon Saudi Co., Fakher Al-Shawaf, CEO of Al Bawani Co. Ltd and Group CEO of Diriyah Company, Jerry Inzerillo.
The contract is the biggest single contract awarded to date by the Diriyah Company and follows the announcement of a more than $2.07 billion contract to build the Northern District earlier in July.
Major Step
Speaking at the contract signing ceremony, Jerry Inzerillo said that this contract marked another major step in accelerating their development plans for the Wadi Safar masterplan and includes four world-class hotels – Aman, Six Senses, The Chedi, and Faena – and our prestigious Royal Diriyah Equestrian & Polo Club.
As a developer, they were extremely proud of the momentum across all aspects of our project and are delighted to have two of Saudi Arabia’s leading construction firms on board to deliver this major part of the Wadi Safar masterplan, he said.
“The hotels are among the 40 plus across our two masterplans, Diriyah and Wadi Safar as we gear up to deliver world-class luxury experiences to visitors from across the Kingdom, the region and the world. The Royal Diriyah Equestrian & Polo Club will create a true centre of regional excellence and build on the proud history and heritage of the Arabian horse and Saudi’s equine traditions,” Inzerillo added.
Wadi Safar is also the location for the ongoing development of the Greg Norman designed championship signature golf course and Royal Diriyah Golf Club.
Ramez Al Khayyat said that they were honoured to have been entrusted with this prestigious contract and to be given the opportunity to collaborate with Diriyah Company in developing their luxury hotels, including the exceptional Royal Diriyah Equestrian & Polo Club. We are eager to begin our work on this project of global impact in the stunning Wadi Safar a worldwide landmark destination, he said.
Fakher AlShawaf expressed his delight at selecting his company for executing this significant project, described as one of Diriyah Company’s most prestigious megaprojects. The project’s focus on luxury, cultural heritage, modernity, and improving the quality of life in the historical and touristic Diriyah region, he said.
For Diriyah and its development arm, the award marks the second major implementation of the company’s new delivery partnership procurement strategy. An approach that fosters a collaborative environment among Diriyah, its main contractors, SMEs, manufacturers and suppliers, ensuring efficient and effective project execution.
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