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Diriyah Awards Two Contracts Worth SAR 2.729 Billion to Build 5 Luxury Hotels

Diriyah Company has awarded two contracts valued at SAR 2.729 billion for the construction of five luxury hotels and three serviced apartment buildings in Diriyah Square.

October 12, 2026
Diriyah Awards Two Contracts Worth SAR 2.729 Billion to Build 5 Luxury Hotels

Diriyah Company announced the awarding of two contracts to build five luxury hotels and three serviced apartment buildings in Diriyah Square, with a total value of SAR 2.729 billion.

The first contract, valued at SAR 1.324 billion, includes the construction of three hotels and two residential projects by the "ManMAG JV" consortium, composed of "Man Enterprise Saudi" and "Al-Majal Al-Arabi Group." The second contract was awarded to "Urbacon Saudi" with a value of SAR 1.406 billion to build three hotels and one residential project.

The scope of the two contracts includes the development of building facades, construction work, interior finishes, HVAC, electrical, plumbing systems, and external works. The five hotels comprise 413 rooms in addition to 34 serviced apartments.

Jerry Inzerillo, CEO of Diriyah Company, stated that these contracts represent a new milestone in expanding branded hotels and serviced apartments, noting that the pedestrianized Diriyah Square will feature more than 400 retail and dining brands within authentic Najdi architectural style. Diriyah aims to attract 100,000 residents and 50 million visits annually as part of a SAR 237 billion project.

What do these terms mean?

Contract Awarding: Officially assigning the project to a winning contractor or consortium following a competitive bidding process.

Consortium: A grouping of two or more companies to execute a joint project and share its responsibilities and profits.

Diriyah Square: A pedestrianized urban area within the Diriyah project, housing hotels, shops, and restaurants.

Serviced Apartments: Residential units managed with hotel services used for long or short stays.

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