Diriyah Company and Midad Development and Real Estate Investment Company have signed an agreement to jointly develop the Four Seasons Hotel and Private Residences Diriyah in Saudi Arabia.
The project will include a 159-room hotel and private residences, located within Diriyah’s masterplan.
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The development covers an area of 235,938m² and is valued at SR3.1bn ($827m), accounting for both land acquisition and construction expenses.
The deal represents the first large-scale collaboration between Diriyah Company and Midad.
It is part of the broader plan that includes nearly 40 high-end hotels across two masterplans, the 14km² Diriyah project and the adjacent 62km² Wadi Safar project.
Wadi Safar, situated next to Diriyah, is planned as a destination featuring hospitality, residential, and leisure elements.
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By GlobalDataThe joint venture follows ongoing progress in the wider Diriyah initiative, also known as the “City of Earth,” which has awarded over SR101.25bn ($27bn) in construction contracts out of its total investment of SR236bn ($63.2bn).
When complete, Diriyah aims to contribute approximately SR70bn ($18.6bn) to Saudi Arabia’s GDP, generate more than 180,000 jobs, accommodate around 100,000 residents, and attract up to 50 million visitors annually.
Plans for Diriyah include modern office spaces for professionals in sectors such as technology, media, arts, and education.
The area will also house museums, shopping districts, a university campus, the Diriyah Opera House, the Diriyah Arena, multiple food and beverage establishments, as well as nearly 40 hotels and resorts distributed across its main development sites.
Diriyah Company group CEO Jerry Inzerillo said: “The Four Seasons Hotel Diriyah will be one of our largest luxury hotels, and we are proud to announce this joint development agreement with Midad, one of the Kingdom’s leading real estate developers.”
Midad Real Estate president Abdulelah bin Mohammed Al Aiban said: “This project represents a milestone for Midad, allowing us to bring the Four Seasons experience to one of Saudi Arabia’s most significant heritage destinations.
“We are excited to deliver a development that exemplifies design excellence, world-class service, and enduring value, while actively contributing to the Kingdom’s tourism, cultural, and economic ambitions.”
