DIRIYAH Company, the developer of Saudi Arabia’s premier historical, cultural, and lifestyle destination, has awarded two major construction contracts worth SAR2.73 billion ($720 million) for six luxury hotels and three residential assets in Diriyah Square, thus reinforcing Diriyah’s position as an urban destination to live, work and visit.
On completion, Diriyah will be home to nearly 34 luxury hotel brands across the Diriyah and Wadi Safar masterplans, welcoming the world’s most renowned hospitality brands, with several of them making their Saudi debut.
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.
The scope of work for both contracts includes the development of the building facades, blockwork, fit-out, mechanical, electrical and plumbing and external works for each of the properties, stated the developer.
The combined development will boast 413 luxury hotel rooms and 34 branded residential units in the vibrant heart of Diriyah Square, it added.
In another development, Diriyah Company has signed up Versatile International, a fully integrated stone project management consultancy in the region, for one of Saudi Arabia’s most significant destination-scale developments.
This is Versatile’s third consecutive three-year contract with Diriyah Company. Under this, it will provide fully-integrated, specialist natural stone consultancy across Diriyah’s portfolio of assets, spanning design advisory, supply chain and installation oversight, and project governance.
The appointment extends a relationship that began in 2020 with Versatile and reaffirms Diriyah Company’s confidence in a specialist model built on deep expertise, independence, transparency and certainty of outcome.
The firm was founded to serve developments of Diriyah’s scale and ambition – projects that demand far more than the sourcing of natural stone.
A third consecutive term signals that this specialist model Versatile International originated has become an essential component of world-class development delivery.