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Diriyah awards $2bn contract for Wadi Safar

By Pramod Kumar
People, Person, Adult Diriyah Company
Fakher Al-Shawaf, CEO, Al Bawani, Jerry Inzerillo, group CEO, Diriyah Company and Ramez Al Khayyat, president of Urbacon Saudi at the contract signing ceremony

Diriyah Company has awarded its largest single contract to a Saudi-Qatari joint venture for the Wadi Safar project.

The SAR8 billion ($2 billion) contract was awarded to the joint venture between Urbacon Saudi Company, the local unit of Qatar’s Urbacon International, and Saudi-headquartered Al Bawani Company, the state-backed Saudi Press Agency reported.

The contract includes the construction of four luxury hotels and the Royal Diriyah Equestrian & Polo Club in Wadi Safar, catering to the world’s ultra-rich elites.

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Work is set to commence shortly after the contract was officially signed on Wednesday.

“The contract will accelerate our exciting development plans,” Diriyah Company group CEO Jerry Inzerillo said.

Wadi Safar will include four hotels – Aman, Six Senses, The Chedi, and Faena.

The hotels are among the 40-plus across Diriyah and Wadi Safar projects, Inzerillo said.

Construction has begun on the complex, which includes a Greg Norman-designed championship golf course and the Royal Diriyah Golf Club.

Last December Saudi Arabia announced the development of a luxury golf and equestrian resort outside Riyadh as part of the Diriyah giga project.

Diriyah Company, established in 2022 and backed by the Public Investment Fund, is leading plans to make Riyadh a major world city by 2030, with a new airport served by a new airline.

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