Diriyah:Diriyah Company has announced significant construction contracts worth SAR2.729 billion to develop luxury hotels and residential properties in Diriyah Square, enhancing its status as a key urban destination.

According to Saudi Press Agency, MAN Enterprise Al Saudia LLC and Al Majal Al Arabi Group, collaborating as MAN and MAG JV, have secured a SAR1.324 billion contract to build three hotels and two residential properties. Urbacon Saudi Company S.P.C. received a SAR1.406 billion contract for the development of three additional hotels and one residential asset.

The contracts encompass the construction of building facades, blockwork, fit-out, mechanical, electrical and plumbing systems, as well as external works. The development will feature 413 luxury hotel rooms and 34 branded residential units, offering high-quality experiences for guests and residents in Diriyah Square.

Diriyah Company Group CEO Jerry Inzerillo highlighted that these contracts signify progress in creating a world-class portfolio of hotels and residences. The development aims to provide a premier visitor and residential experience in Diriyah Square, which will also host over 400 retail and dining brands.

Diriyah is set to welcome nearly 34 luxury hotel brands, with several making their Saudi market debut. The urban project is part of a larger SAR237 billion development plan to attract 100,000 residents and 50 million annual visitors.

Both MAN and MAG JV, and Urbacon Saudi Company S.P.C., have previously collaborated with Diriyah Company on high-profile projects, including a SAR8 billion joint venture for hospitality assets and the Royal Diriyah Equestrian and Polo Club, and the SAR917 million contract for the Grand Mosque. The new contracts further boost the momentum of the Diriyah and Wadi Safar masterplans.