RIYADH: Diriyah Co. signed a $2 billion deal 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,” said Diriyah Co CEO. Group Jerry Inzerillo Arab News. “It is unusual for development companies around the world to sign contracts for $2 billion, but this is a giant construction package for our Wadi Safar, which will be one of the most beautiful residential projects in the world,” he said.
The MoU was signed by Inzerillo, Urbacon Trading & Contracting President Ramez Al-Khayyat and Al-Bawani Group CEO Fakher Al Shawaf at the DGDA headquarters in Riyadh on Wednesday.
“Wadi Safar will be home to the Royal Diriyah Equestrian and Polo Club, a 27-hole golf course designed by Greg Norman 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 magnificent hotel operator from India, Faena from Argentina and Miami and Chedi from the Far East. These four resorts are beautiful.”
The CEO said Wadi Safar “will be one of the largest luxury residential high-end projects in the world with a $2 billion package”.
Inzerillo said they signed another $2 billion package last week for their mixed-use Northern District, which will include the King Salman Library, King Salman University and Diriyah Square.
“And before December, we will issue other contracts with large numbers that are close to this as well,” he said.
“This indicates that Diriyah is moving full speed ahead to realize Vision 2030. Diriyah will be completed in time for Expo 2030 Riyadh, which will be the largest exhibition in the world.”
Wadi Safar is located west of Diriyah and aims to be a residential cultural center offering the world's best experiences in polo, luxury hotels and golf courses.
Mohamed Saad, President of Diriyah Co., emphasized the importance 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 number of hotels: Amaala Resort, Six Senses and Chedi.
“Everything we do must go back to the roots and culture of Diriyah. We design all our buildings and properties to showcase and celebrate Diriyah's heritage, culture and heritage,” he said.
Saad emphasized that the assets will be opened gradually every year and by 2030 all Diriyah assets will be operational.
“We have already delivered a golf course in Wadi Safar and will soon invite people to play on it,” he said.
He said the Wadi Safar hotels will gradually start opening in 2026.
