Diriyah Awards SAR 2.7 Billion Contracts for Hotels & Residences

Diriyah Company has awarded two construction contracts worth a combined SAR 2.7 billion for six hotels and 34 branded residences in Diriyah Square, as work continues across the wider development.

A joint venture between Al Majal Al Arabi Group and MAN Enterprise secured a SAR 1.3 billion package covering three hotels and two residential properties, while Urbacon Saudi Company won a SAR 1.4 billion package for three hotels and one residential property. Both contracts include facades, blockwork, fit-out, mechanical, electrical and plumbing works, as well as external works across the properties.

Diriyah Company, which is owned by the Public Investment Fund, is also advancing hospitality and residential projects elsewhere in the development. Urbacon Saudi Company is working on four hotels and the Royal Diriyah Equestrian and Polo Club in Wadi Safar, while the Al Majal Al Arabi Group–MAN Enterprise joint venture previously secured a contract to build the Grand Mosque in Diriyah’s second phase.

The wider Diriyah and Wadi Safar masterplans include 34 hotels and target 50 million visits annually upon completion of the SAR 237 billion development. Diriyah Company has also secured funding for more than 300 branded residences, with the project targeting 6,500 hotel rooms by World Expo 2030.