Saudi Arabia’s Diriyah Company has awarded an 8 billion Saudi riyal ($2.13 billion) contract to build four luxury hotels and the Royal Diriyah Equestrian & Polo Club as part of the Wadi Safar master plan.
A joint venture between Urbacon Saudi Company and Al Bawani Company is set to commence work, the developer said in a statement on Wednesday.
The contract is Diriyah Company’s biggest single award to date. It follows the more than $2 billion contract to build the Northern District in July.
“This contract marks another major step in accelerating our development plans for the Wadi Safar masterplan,” said Diriyah Company Group CEO Jerry Inzerillo.
He added that the four hotels—Aman, Six Senses, The Chedi, and Faena—are among the more than 40 hotels in the Diriyah and Wadi Safar masterplans.
Work is ongoing in Wadi Safar, which will host a Greg Norman-designed championship signature golf course and Royal Diriyah Golf Club.
In April, Diriyah Company unveiled details of Zallal, its first commercial project featuring office and retail spaces. The project is scheduled to open in the first half of 2025.