Diriyah Company is accelerating the delivery of its flagship cultural and mixed-use destination through a series of major agreements, including a SAR2 billion ($533 million) financing facility from Arab National Bank for branded residences, a SAR2.7 billion contract for the Waldorf Astoria superblock, and project management appointment for the Royal Diriyah Opera House and Grand Mosque.
Diriyah Company’s financing agreement with Arab National Bank aims to support the development of luxury residences in the Diriyah and Wadi Safar masterplan and operated under international brands, the company said in a LinkedIn post.
The contract to build the Waldorf Astoria superblock was awarded to a joint venture between Hassan Allam Construction Saudi and Urbacon Saudi Company, a subsidiary of UCC Holding.
Diriyah Company Group CEO Jerry Inzerillo said: “The development of the Waldorf Astoria at Diriyah reflects the continued momentum of our development programme and marks another significant milestone in delivering Diriyah’s vision. This project represents an important step in attracting world-renowned hospitality brands and creating a vibrant mixed-use destination, further reinforcing Diriyah’s position as one of the world’s leading destinations.”
The contract is the latest milestone in expanding Diriyah’s growing portfolio of world-class hotels and branded residences. It includes the development of Waldorf Astoria Diriyah, comprising 160 rooms, 39 suites, and one presidential suite, as well as a selection of restaurants and cafés, a grand ballroom, meeting rooms, a spa, and a fitness centre, with a total gross floor area of 22,715 sq m.
The development will also include 47 Waldorf Astoria Residences Diriyah with a total gross floor area of 10,090 sq m. The superblock will further comprise more than 45,000 sq m of mixed-use office space, 60,263 sq m of residential space, and 8,555 sq m of retail and food and beverage space.
Diriyah Company has also entered into an agreement with Jasara Program Management Company to provide project, construction and cost management services for the Royal Diriyah Opera House and Grand Mosque as well as other premium projects centered around the grand avenue in the ancient Saudi city.
A joint venture between Saudi sovereign wealth fund PIF, oil giant Aramco and construction major Jacobs, Jasara provides professional programmes and construction management services for social infrastructure projects across Saudi Arabia.
As per the deal, Jasara’s team will be responsible for project planning, cost management, contract management and construction management while supporting the successful delivery of the development in alignment with the highest standards of quality and efficiency.
Its scope of work spans the northwest, southwest, and southeast blocks of the grand avenue, a fully integrated mixed-use environment where retail and F&B coexist alongside offices, hotels, residential communities and cultural attractions, creating sustained footfall and long-term commercial value. The development features iconic landmarks such as the Royal Diriyah Opera House and the Grand Mosque.
Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, is developing the historic Diriyah area on the outskirts of Riyadh into a major cultural, tourism, hospitality and residential destination.
The development is centred on At-Turaif, the UNESCO World Heritage Site and birthplace of the Saudi state.
In addition to the Royal Diriyah Opera House, the giga-project will comprise museums, retail districts, a university, Diriyah Arena, 34 world-class hotels, a diverse range of restaurants, the Greg Norman-designed championship golf course at Wadi Safar, the Royal Golf Club, and the Royal Equestrian and Polo Club, alongside office space for tens of thousands of professionals across the technology, media, arts, and education sectors.
The development will feature a central basement serving the office and residential components, with a total built-up area of 70,290 sq m, alongside associated retail units, external works, and the surrounding public realm, further strengthening Diriyah’s hospitality and lifestyle offering while supporting the creation of a vibrant, walkable, world-class destination.
Upon completion, Diriyah is expected to contribute SAR70 billion to Saudi Arabia’s GDP, create approximately 180,000 jobs, provide homes for around 100,000 residents, and attract 50 million visits annually.
