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Jeddah - Yasmine El Tohamy - Diriyah Co. signs $2bn contract for Wadi Safar
RIYADH: Diriyah Co. has signed a $2 billion contract with Urbacon Saudi Co. and Al-Bawani Group to develop the Wadi Safar project, including the Royal Diriyah Equestrian and Polo Club and several luxury hotels.
“Today is a very big day,” Diriyah Co. Group CEO Jerry Inzerillo told Arab News. “It is unusual for development companies worldwide to sign $2 billion contracts, but this is a giant construction package for our Wadi Safar, which will be one of the most beautiful residential developments in the world,” he said.
The MoU was signed on Wednesday at the DGDA headquarters in Riyadh by Inzerillo, Urbacon Trading & Contracting President Ramez Al-Khayyat, and Al-Bawani Group CEO Fakher Al Shawaf.
“Wadi Safar will be home to the Royal Diriyah Equestrian and Polo Club, a Greg Norman-designed 27-hole golf course, and 10 spectacular resorts,” Inzerillo said. “Four of these resorts are included in this package: Aman, which will be one of the most beautiful Amans in the world, Oberoi, a spectacular hotel operator from India, Faena from Argentina and Miami, and Chedi from the Far East. These four resorts are beautiful.”
The CEO said that Wadi Safar “will be one of the greatest luxury residential high-end developments in the world, with a $2 billion package.”
Inzerillo said that last week they signed another $2 billion package for their multi-use northern district, which will include King Salman Library, King Salman University, and Diriyah Square.
“And before December, we will be issuing additional contracts with big numbers close to this as well,” he said.
“This indicates that Diriyah is moving full speed ahead to realize Vision 2030. Diriyah will be finished in time for Expo 2030 Riyadh, which will be the greatest expo in the world.”
Located west of Diriyah, Wadi Safar aims to be a residential cultural hub offering the world’s finest experiences in polo, luxury hotels, and golf courses.
Mohamed Saad, president of Diriyah Co., highlighted the significance of the new partnership: “This is the main construction of many assets in Wadi Safar, including the Royal Diriyah Equestrian and Polo Club, which will be the largest equestrian polo club in the region. This will also include a range of hotels: Amaala Resort, Six Senses, and Chedi.
“Everything we do has to go back to the roots and culture of Diriyah. We are designing all of our buildings and assets to present and celebrate the legacy, culture and heritage of Diriyah,” he said.
Saad highlighted that assets would open gradually each year, and by 2030, all of Diriyah’s assets would be operational.
“We have already delivered the golf course at Wadi Safar and will soon invite people to play on it,” he said.
He said that the Wadi Safar hotels would gradually begin opening in 2026.
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