Two contracts worth SAR 2.729 billion awarded to build five hotels and three branded serviced-residence buildings in Diriyah Square; projects support target of 50 million annual visits

Diriyah | BETH

Diriyah Company has awarded two contracts with a combined value of SAR 2.729 billion to build five luxury hotels and three branded serviced-residence buildings in Diriyah Square.

The first contract, valued at SAR 1.324 billion, covers the construction of three hotels and two residential projects, while the second, worth SAR 1.406 billion, includes three hotels and one residential project.

The new developments will provide 413 hotel rooms and 34 serviced apartments, in addition to façade works, construction, interior finishing, technical systems and external works.

Diriyah Company Group CEO Jerry Inzerillo said the contracts mark a new phase in expanding Diriyah’s hospitality portfolio, noting that Diriyah Square will feature more than 400 retail, dining and prominent international brands within an environment inspired by traditional Najdi architecture.

The contracts form part of a broader plan to reach around 34 distinctive hotel brands across the Diriyah and Wadi Safar developments, with several global hospitality brands set to enter the Saudi market for the first time.

Upon completion, the SAR 237 billion Diriyah project is expected to attract around 100,000 residents and 50 million visits annually.

BETH Analysis:
Diriyah is evolving from a heritage and tourism project into a fully integrated destination for hospitality, living and urban experience. The hotels are not a standalone addition, but part of building the economy of an entire destination.