Diriyah Company has awarded two construction contracts with a combined value of SAR 2.729 billion to develop five hotels and three branded residential buildings in Diriyah Square, Saudi Arabia.
According to a Saudi Press Agency report, the contracts cover façades, construction, interior finishes, air conditioning, electrical and plumbing systems, and external works. The five hotels will contain 413 rooms, alongside 34 serviced apartments.
The first contract, worth SAR 1.324 billion, was awarded to ManMAG JV, a joint venture between MAN Enterprise Saudi Arabia and Al Majal Al Arabi Group, to deliver three hotels and two residential projects.
The second contract, valued at SAR 1.406 billion, was awarded to Urbacon Saudi Arabia S.P.C. for hotel and residential development in Diriyah Square.
Diriyah Company Group CEO Jerry Inzerillo said the contracts formed part of plans to expand the project’s hotel and serviced apartment portfolio. He added that Diriyah Square would feature more than 400 retail and dining brands.
The awards support plans to bring approximately 34 hotel brands to the Diriyah and Wadi Safar projects, including international names entering Saudi Arabia for the first time.
The contractors have previously secured work on other Diriyah assets, including an SAR 8 billion project involving Urbacon Saudi Arabia to deliver four hotels and the equestrian and polo club in Wadi Safar.
The MAN Enterprise Saudi Arabia and Al Majal Al Arabi Group joint venture also won an SAR 917 million contract to build Diriyah’s Grand Mosque. Once the SAR 237 billion development is complete, Diriyah Company aims to attract 100,000 residents and 50 million visits annually.
