Diriyah signs SAR 3.1B deal for Four Seasons hotel and residences

Diriyah Co. signed today, Jan. 8, a new joint development agreement with Midad Real Estate Co. to build the Four Seasons Hotel and Private Residences Diriyah.

The total value of the project is $827 million (SAR 3.1 billion), including land acquisition and construction costs, the company said in a statement.

Under the agreement, the Four Seasons Diriyah Hotel will comprise 159 rooms and Four Seasons Private Residences within Diriyah’s masterplan, spanning 235,938 square meters.

According to data available with Argaam, the Diriyah Gate Development Authority (DGDA) launched the first phase of the SAR 75 billion rehabilitation and development of Historic Diriyah in June 2020.

The master plan covers 7 square kilometers and features a wide range of tourism, entertainment, and other destinations.

Diriyah is expected to contribute around SAR 70 billion to the Kingdom’s GDP, provide approximately 180,000 job opportunities, accommodate nearly 100,000 residents, and attract about 50 million visits annually.