Diriyah awards 2 construction contracts worth SAR 2.7B

Diriyah Co. awarded two contracts to construct five luxury hotels and three branded serviced apartment projects in Diriyah Square, totaling SAR 2.729 billion.

According to a company statement, the first contract, valued at SAR 1.32 billion, covers the construction of three hotels and two residential projects by ManMAG JV, a consortium comprising Man Enterprise Saudi and Al Majal Alarabi Group. The second contract, valued at SAR 1.406 billion, was awarded to Urbacon Saudi S.P.C. and covers the construction of three hotels and one residential project.

The company added that the scope of the two contracts includes building façades, construction works, interior finishes, HVAC, electrical and plumbing systems, and external works for all facilities. The five hotels will comprise 413 luxury rooms, in addition to 34 branded serviced apartments.

The company said the awards are part of a series of construction projects aimed at bringing the number of luxury hotel brands to around 34 under the master plan for the Diriyah and Wadi Safar projects. The projects are attracting some of the world’s leading hospitality brands, several of which will enter the Saudi market for the first time.

It noted that the contractors undertaking the five hotels have previously been awarded other contracts to work on Diriyah project assets, including an SAR 8 billion project under which Urbacon Saudi is constructing four hotels and an equestrian and polo club in Wadi Safar. The contractors also include the ManMAG JV, which was awarded the SAR 917 million contract to construct the Grand Mosque in Diriyah.

The contracts support the ongoing development of the Diriyah and Wadi Safar projects, as the company continues to add new hotels and branded serviced apartments operated by global hospitality brands. The hotels and residences play a key role in enabling Diriyah to attract 100,000 residents and 50 million annual visitors upon completion of the SAR 237 billion project.