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Diriyah awards $730m contracts for hotels and branded residences
Diriyah Company has awarded two construction contracts to build six luxury hotels and 34 branded residences in Diriyah Square, accelerating work on the giga-project.
The contracts are worth a combined SAR2.7 billion ($728 million), the Public Investment Fund-owned developer said in a statement.
Diriyah Company awarded a SAR1.3 billion contract to a joint venture between Riyadh-based Al Majal Al Arabi Group (MAG) and Beirut-headquartered MAN Enterprise to build three hotels and two residential properties.
Urbacon Saudi Company, a subsidiary of Qatar’s UCC Holding, won a SAR1.4 billion contract to build three hotels and one residential property.
Both contracts cover the facades, blockwork, fit-out, mechanical, electrical and plumbing work, and external works for each property.
Urbacon Saudi is also working on four hotels and the Royal Diriyah Equestrian and Polo Club in Wadi Safar. The MAN-MAG joint venture won a contract to build the Grand Mosque in the second phase of Diriyah.
The Diriyah and Wadi Safar masterplans include 34 luxury hotels and aim to attract 50 million visits a year when the SAR237 billion giga-project is complete.
In August Diriyah Company secured funding for its portfolio of more than 300 branded residences within its wider development plan.
Kiran Haslam, then chief marketing officer at Diriyah, said in November that the giga-project was on track to open by 2030 with 6,500 hotel rooms ready for World Expo 2030.
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Source: AGBI