Meed | Diriyah Company signs $720m project contracts

Diriyah Company signs $720m project contracts

8 February 2024

Saudi Arabia’s Diriyah Company has signed contracts worth SR2.7bn ($720m) to develop two projects at its Diriyah Gate project in Riyadh.

The first contract, worth SR700m ($186m), was awarded to the local contractor Saudi Constructioneers to develop the Ritz Carlton Residences.

The scope of the contract covers the construction of 106 three-, four- and five-bedroom villas at Diriyah Gate.

Diriyah Company also confirmed the infrastructure development contract award to Riyadh-headquartered Al Ayuni Investment & Contracting Company.

The contract covers infrastructure works over an area of 323 hectares as part of the second phase of the Diriyah Gate project, also known as DG2.

In January, MEED reported that Diriyah Company had selected Al Ayuni for a SR2bn ($533m) contract at its Diriyah Gate project.

DG2 will feature residential developments, hotels, a university, an opera house, a Saudi Museum of Contemporary Art, six academies, an arena and a grand mosque.

Diriyah gigaproject

Developed by Diriyah Company, the Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it spans 1 square kilometre and combines 300 years of history, culture and heritage with hospitality facilities.

The project will feature entertainment, retail, educational, business and residential areas, including 38 hotels, over 100 food and beverage amenities, and several museums.

The mixed-use traditional urban community will be created in the Najdi architectural style, typical of ancient Saudi villages.

The historic city of Al Turaif is the centrepiece of Diriyah. Built in 1766, Al Turaif was designated a Unesco World Heritage Site in 2010.

Once complete, Diriyah will have the capacity to house 100,000 residents and visitors.