Saudi Diriyah Awards $728 Million Hotel and Residential Construction Contracts

en.Wedoany.com Reported - Recently, Saudi Arabian developer Diriyah Company announced the award of two hotel and residential construction contracts at Diriyah Square, with a total value of $727.9 million, equivalent to approximately SAR 2.729 billion. Under the overall project plan, the two contracts cover 5 luxury hotels and 3 residential assets, with plans to build 413 hotel rooms and 34 branded residences. The construction tasks will be undertaken by the MAN and MAG joint venture and Urbacon Saudi Company S.P.C., respectively, with the scope of work including building facades, masonry, interior fit-out, and mechanical and electrical installations.

Among them, the MAN and MAG joint venture secured a construction contract worth $353.1 million (approximately SAR 1.324 billion). The joint venture, composed of MAN Enterprise Al Saudia LLC and Al Majal Al Arabi Group, is responsible for the construction of certain hotel and residential buildings at Diriyah Square. The other contract was awarded to Urbacon Saudi Company S.P.C., valued at $374.8 million (approximately SAR 1.406 billion). Both contracts include building facades, masonry, fit-out, HVAC, electrical, plumbing, and outdoor ancillary works.

Diriyah Square is planned as a pedestrian commercial district, with a development plan comprising more than 400 retail, dining, and lifestyle brands. The hotels and branded residences awarded this time are located within this area, and the architectural design adopts the local traditional Najdi architectural style. This area is also included in the Diriyah master development plan, with an overall planned investment of approximately $63.2 billion, equivalent to SAR 237 billion.

Both contractors have previously undertaken other projects for Diriyah Company. The joint venture involving Urbacon Saudi Company S.P.C. had previously won a contract worth approximately $2.1 billion, responsible for another 4 hotel assets in the Wadi Safar area and the construction of the Royal Diriyah Equestrian and Polo Club. The MAN and MAG joint venture had previously secured the construction contract for the Grand Mosque in Phase 2 of Diriyah, valued at approximately $244 million.