Diriyah Company has announced a new joint development agreement with Midad Development and Real Estate Investment Company to build the Four Seasons Hotel and Private Residences Diriyah at a total investment of $827 million, encompassing both land acquisition and construction costs. 

The deal formalises the collaboration between the two companies to develop the 159-room luxury Four Seasons Hotel Diriyah and Four Seasons Private Residences within Diriyah’s 235,938-sq-m ‘City of Earth’ masterplan. 

It marks the first major partnership between Diriyah Company and Midad, supporting the delivery of one of the nearly 40 luxury hotels planned across Diriyah’s two main masterplans, the 14-sq-km Diriyah project and the neighboring 62-sq-km Wadi Safar project – the exclusive luxury destination adjacent to Diriyah, blending lifestyle, culture and leisure.

Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia and Secretary General of Diriyah Company, said: “Saudi Arabia continues to set new benchmarks in destination development, and Diriyah stands at the forefront of this evolution. Partnerships such as this enhance the kingdom’s global tourism offering and reinforce our position as a leading destination.”

Diriyah, the City of Earth, will contribute $18.6 billion directly to the kingdom’s GDP, create more than 180,000 jobs, become home to an estimated 100,000 people and welcome up to 50 million annual visits, he added.