Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has entered into a joint development contract with Midad Real Estate Investment and Development Co. to build the Four Seasons Diriyah Hotel and private residences.
Under the partnership, the two companies will enhance their cooperation by building the luxury Four Seasons Diriyah with 159 rooms, and individual Four Seasons residences with a total area of around 235,000 sq. meters within the master plan of Diriyah.
It is estimated that the overall value of the project stands at SR3.1 billion (about $827 million), including the costs of land acquisition and the construction process.
Midad is among the major real estate developers in the Kingdom that has diversified its high-end projects, and continues to have several strategic alliances with other major international brands, solidifying its brand name as a secure investor in residential and hospitality development in Saudi Arabia.
The element of this partnership is the first of the major collaborations between Diriyah Co. and Midad, which is going to assist Diriyah in developing 40 luxury hotels in its two largest projects: the 14- sq.-km Diriyah Project and the 62- sq.-km Wadi Safar Project, which is a premium destination that integrates lifestyle and culture with entertainment.
Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.”
He said these collaborations position Saudi Arabia better regarding the world-class experiences it provides and add to the strength of the Kingdom as a destination leader in this industry.
Diriyah Co. CEO Jerry Inzerillo had remarked that the Four Seasons Diriyah Hotel and Residences will be among the largest luxury hotels in the Kingdom.
Inzerillo stated, “We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents.”
Midad CEO Abdelilah bin Mohammed Al-Aiban said, “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.”
He added, “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.”
This partnership is in the wake of blistering advancements on the Diriyah project worth SR236 billion, which has so far granted construction agreements valued at above SR101.25 billion.
Diriyah will make a direct contribution to the gross domestic product of the Kingdom of about SR70 billion, generate over 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors.
The project will introduce modern working areas to house tens of thousands of workers in the fields of technology, media, arts, and education, with the addition of museums, shopping centers, a university, an opera house, and Diriyah Arena.
It will also provide a wide variety of restaurants and cafes, as well as almost 40 world-class resorts and hotels spread across its two major master plans.
