RIYADH: Diriyah has signed a $2 billion contract with Urbacon Saudi and Al-Bawani Group to develop the Wadi Safar project, which includes the Royal Diriyah Equestrian and Polo Club and several luxury hotels.
“Today is a big day,” Jerry Inzerillo, CEO of Diriyah Co. Group, told Arab News. “It is unusual for a global developer to sign a $2 billion contract, but for our Wadi Safar project, this is a huge construction package that will be one of the most beautiful residential projects in the world.”
The MoU was signed on Wednesday at the DGDA headquarters in Riyadh by Inzerillo, Urbacon Trading & Contracting Chairman Ramez Al-Khayyat and Al-Bawani Group CEO Fakher Al Shawaf.
“Wadi Safar will be home to the Royal Diriyah Equestrian and Polo Club, a 27-hole golf course designed by Greg Norman, and 10 stunning resorts,” said Inzerillo. “Four of these resorts are included in the package: Aman, one of the most beautiful Amans in the world; Oberoi, an exciting hotel operator from India; Faena from Argentina and Miami; and Chedi from the Far East. All four resorts are beautiful.”
The CEO said Wadi Safar “will be one of the largest high-end luxury residential projects in the world, with a $2 billion package.”
Inzerillo said last week they signed another $2 billion multi-use package for the northern region, which will include the King Salman Library, King Salman University and Diriyah Square.
“And before December, we will issue additional contracts in a similar number to this one,” he said.
“This shows that Diriyah is moving forward with full force to achieve Vision 2030, with Diriyah set to be completed in time for Expo 2030 Riyadh, the world’s largest trade fair,”
Wadi Safar, located west of Diriyah, aims to be a cultural hub housing the world’s best experiences in polo, luxury hotels and golf.
Emphasizing the significance of this new partnership, Mohammed Saad, Chairman of Diriyah Co., said: “This is a major construction of a number of assets in Wadi Safar, including the Royal Diriyah Equestrian and Polo Club, which will be the largest polo club in the region. It will also include a number of hotels such as Amaala Resort, Six Senses and Chedi.
“Everything we do has to go back to the roots and culture of Diriyah. We are designing all our buildings and properties to showcase and celebrate the heritage, culture and heritage of Diriyah,” he said.
Saad stressed that the assets will be opened gradually each year and by 2030 all Diriyah assets will be operational.
“We have completed the construction of the golf course in Wadi Safar and will invite people to play golf here soon,” he said.
He said the Wadi Safar hotel will begin operating gradually in 2026.
