The contract is the largest of its kind to date by Diriyah and follows an earlier announcement of a more than $2.07bn contract to build the Northern District.
Saudi Arabia’s Diriyah Company has awarded Urbacon Saudi Company—part of Qatar’s UCC Holding—and Al Bawani joint venture (JV) a $2.13bn contract to build four luxury hotels and the Royal Diriyah Equestrian & Polo Club in Wadi Safar.
The signing of the contract took place in Saudi Arabia on Wednesday under the presence of Ramez Al-Khayyat, the President of Urbacon Saudi; Fakher Al-Shawaf, CEO of Al Bawani; and Jerry Inzerillo, Group CEO of Diriyah Company.
“We are 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,” Al-Khayyat said.
“We are eager to begin our work on this project of global impact in the stunning Wadi Safar, a worldwide landmark destination,” he added.
The contract is the largest of its kind to date by Diriyah and follows an earlier announcement of a more than $2.07bn contract to build the Northern District. The project’s construction is set to “commence shortly” under the joint venture, marking a new milestone for Qatar’s UCC.
“This contract marks another major step in accelerating our development plans for the Wadi Safar masterplan[…]As a developer we are extremely proud of the momentum across all aspects of our project and are delighted to have two of Saudi Arabia’s leading construction firms,” Inzerillo said in a press release.
The contract covers the construction of four hotels including Aman, Six Senses, The Chedi, and Faena, which are among more than 40 hotels in the Diriyah and Wadi Safar masterplans.
Further details on the hotels’ development will be announced by Diriyah Company “in the coming months”, the company said. Work is also underway in Wadi Safar for the signature golf course and Royal Diriyah Golf Club.
“The Royal Diriyah Equestrian & Polo Club will create a true center of regional excellence and build on the proud history and heritage of the Arabian horse and Saudi’s equine traditions,” Inzerillo noted.
The latest signing comes after Urbacon Saudi and Al Bawani started the construction of a new entertainment destination in Yanbu last September.
The construction contract was awarded by Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of the Public Investment Fund, with an estimated value of $293.3m.
It followed the start of construction work on another entertainment destination by SEVEN in Al Madinah on July 31, 2023 by a joint venture by Urbacon and Al Bawani.
Located next to the King Fahad Central Park, the project is set to offer the population with world-class rides, an e-karting track and a Play-Doh entertainment centre among other attractions.
This came after the joint venture was awarded three contracts worth $640m for the construction of entertainment complexes in Saudi Arabia on February 8, 2023. The contracts covered the construction of projects led by SEVEN in Tabuk, Yanbu and Madina.
The projects came under more than $13.32bn of investments by SEVEN to build 21 entertainment destinations scattered across Saudi Arabia, including Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar among others.
