The total value of the project stands at US$ 827mn
Saudi Arabia’s Diriyah Company has announced a new joint development agreement with Midad Development and Real Estate Investment Company to build the Four Seasons Hotel and Private Residences Diriyah.
The new partnership formalizes the collaboration between the two companies to develop the 159-room luxury Four Seasons Hotel Diriyah and Four Seasons Private Residences within Diriyah’s masterplan, spanning 235,938sqm. The total value of the project stands at US$ 827mn (SAR 3.1bn), encompassing both land acquisition and construction costs.
Midad’s collaboration marks the first major partnership between Diriyah Company and Midad, supporting the delivery of one of the nearly 40 luxury hotels planned across Diriyah’s two main masterplans, the 14 square kilometer Diriyah project and the neighboring 62sqkm Wadi Safar project.
Global tourism offering
“Partnerships such as this enhance the Kingdom’s global tourism offering and reinforce our position as a leading destination,” affirmed HE Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia and Secretary General, Diriyah Company,
“This agreement reflects our ongoing commitment to enabling Saudi partners to participate in Diriyah’s transformational journey and underscores Midad’s confidence in the opportunities the project presents,” asserted Jerry Inzerillo, Group CEO Diriyah Company.
“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.” commented Abdulelah Bin Mohammed Al Aiban, President, Midad Real Estate.
