The joint venture contractors were awarded to Urbacon Saudi Company and Al Bawani Company
Diriyah Company has announced awarding a $2.13 billion (SAR 8 billion) joint venture construction contract to build four luxury hotels and the Royal Diriyah Equestrian & Polo Club as part of its Wadi Safar master plan.
The joint venture contractors, Urbacon Saudi Co. and Al Bawani Co. Ltd have been selected to undertake this monumental task. Their combined expertise and proven track record in the industry make them the perfect partners for this project. Construction work is set to commence shortly, marking another major development milestone for Diriyah Company. The official signing of the contracts took place today at a ceremony held in Diriyah, attended by Ramez Al Khayyat, President of Urbacon Saudi Co., Fakher Al-Shawaf, CEO of Al Bawani Co. Ltd, and Group CEO of Diriyah Company, Jerry Inzerillo.
This contract, the largest single contract awarded by the Diriyah Company to date, underscores the scale and ambition of the Wadi Safar masterplan. It follows the announcement earlier in July of a more than $2.07 billion (SAR 7.8 billion) contract to build the Northern District, further demonstrating the company’s commitment to the project’s comprehensive development.
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Diriyah Company Group CEO Jerry Inzerillo said: “This contract marks another major step in accelerating our exciting development plans for the Wadi Safar masterplan and includes four world-class hotels – Aman, Six Senses, The Chedi, and Faena – and our prestigious Royal Diriyah Equestrian & Polo Club. 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 on board to deliver this major part of the Wadi Safar masterplan.”
“The hotels are among the 40 plus across our two masterplans, Diriyah and Wadi Safar, as we gear up to deliver world-class luxury experiences to visitors from across the Kingdom, the region and the world. The Royal Diriyah Equestrian & Polo Club will create a true centre of regional excellence and build on the proud history and heritage of the Arabian horse and Saudi’s equine traditions.”
Wadi Safar is more than just a location for the ongoing development of the Greg Norman-designed championship signature golf course and Royal Diriyah Golf Club. It is also the future home of a diverse range of projects, each designed to enhance the region’s appeal and provide unique experiences for visitors.
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President of Urbacon Saudi Co., Ramez Al Khayyat, said: “We are honoured to have been entrusted with this prestigious contract and to be allowed to collaborate with Diriyah Company in developing their luxury hotels, including the exceptional Royal Diriyah Equestrian & Polo Club. We are eager to begin our work on this global impact project in the stunning Wadi Safar, a worldwide landmark destination.”
Eng. Fakher AlShawaf, Group CEO of AlBawani Holding Company, expressed his delight in selecting AlBawani Ltd to execute this significant project, which is described as one of Diriyah Company’s most prestigious megaprojects. Eng. Fakher noted the project’s focus on luxury, cultural heritage, modernity, and improving the quality of life in the historical and touristic Diriyah region. “We at AlBawani Holding are honoured to be part of such an impactful endeavour in Wadi Safar,” said Fakher AlShawaf.
For Diriyah Company and its development arm, the award marks the second major implementation of Diriyah Company’s new delivery partnership procurement strategy. An approach that fosters a collaborative environment among Diriyah, its main contractors, SMEs, manufacturers and suppliers, ensuring efficient and effective project execution.
Diriyah Company will announce further details of the hotels being developed in Wadi Safar in the coming months.