Diriyah Company has awarded two construction contracts valued at a combined $727.9m to Al Majal Al Arabi Group and MAN Enterprise Al Saudia, operating as the MAN and MAG joint venture (JV), and Urbacon Saudi Company.
The contracts are to develop five luxury hotels and three residential projects in Diriyah Square, Saudi Arabia.
Under the agreements, MAN and MAG JV will build three hotels and two residential properties under contracts worth $353.1m.
Urbacon Saudi Company has secured a separate $374.8m contract to deliver three hotels and one residential asset.
Work under both contracts will include the construction of facades, fit-out, blockwork, mechanical, plumbing, electrical and external works for the respective properties.
Once completed, the developments will add 413 luxury hotel rooms and 34 branded residential units to the central area of Diriyah Square.
The project forms part of Diriyah Company’s broader masterplan intended to position the area as a major destination for living, working and tourism.
Diriyah Company group CEO Jerry Inzerillo said: “The announcement of these contracts marks another important milestone as we continue to develop our world-class portfolio of globally renowned hotels and residences in Diriyah.
“When complete, these hospitality and residential assets will deliver a truly world-class visitor and residential experience in the bustling heart of our pedestrianised Diriyah Square precinct, where we will also have over 400 iconic retail and lifestyle brands.”
The hotels and residences developing in Diriyah are part of an urban programme that, when finished, aims to host nearly 34 luxury hotel brands.
Part of the $63.2bn Diriyah development, the area is projected to attract up to 50 million visits annually and will also draw some hotel brands establishing a presence in the Saudi market for the first time.
Both MAN and MAG JV and Urbacon Saudi Company have previously worked with Diriyah Company on other large-scale construction projects in the area.
The new awards are part of Diriyah Company’s ongoing efforts to deliver hospitality and residential projects across its masterplans for Diriyah and neighbouring Wadi Safar.
In April, Diriyah Company awarded a $490m construction contract for the Saudi Arabia Museum of Contemporary Art (SAMoCA) in Diriyah to a JV comprising Albawani Company and Hassan Allam Construction Saudi.
