Diriyah Company signed a joint development agreement with Midad Development and Real Estate Investment Company to build Four Seasons Diriyah Hotel and Four Seasons Private Residences valued at $827mn (SAR3.1bn), the company announced on January 7.

The cooperation comes within the framework of accelerated progress in the Diriyah project, valued at $63.2bn (SAR236bn), which has awarded construction contracts exceeding $27bn (SAR101.25bn) to date.

The partnership will develop a luxury Four Seasons hotel with 159 rooms and Four Seasons private residential units spanning approximately 235,000 square metres within Diriyah's master plan.

The total project value includes land acquisition costs and construction works.

The partnership represents the first major cooperation between Diriyah Company and Midad, part of Diriyah's plans to develop 40 luxury hotels within its two main master plans.

The Diriyah project extends over 14 square kilometres, whilst Wadi Safar spans 62 square kilometres as a luxury destination combining quality of life, culture and entertainment.

"Saudi Arabia continues to set new standards in developing tourist destinations, with Diriyah at the forefront of those destinations. Such partnerships enhance what the Kingdom offers in global tourism experiences and strengthen our position as a leading destination in this field," said Tourism Minister Ahmad Al-Khateeb, Secretary General of Diriyah Company.

Jerry Inzerillo, chief executive of Diriyah Company Group, said Four Seasons Diriyah Hotel and Resort will be among the largest luxury hotels. He said the agreement reflects a continued commitment to enabling Saudi partners to contribute to Diriyah's transformation journey and confirms Midad's confidence in the opportunities the project offers.

On January 7, Bne IntelliNews reached out to the executive design team, who said the project is part of a broader group of projects in the area and that further announcements are coming soon. 

Abdulillah Al-Ayban, chairman of Midad Development and Real Estate Investment Company, said the project represents a pivotal milestone for the company, allowing it to deliver the Four Seasons experience in one of Saudi Arabia's most prominent heritage destinations.

Diriyah will contribute approximately $18.6bn (SAR70bn) directly to the Kingdom's gross domestic product, create more than 180,000 jobs, house 100,000 residents and receive approximately 50mn annual visits.

The development will include modern office spaces for tens of thousands of creators in technology, media, arts and education sectors, alongside museums, shopping destinations, a university, Diriyah Opera House, Diriyah Arena and nearly 40 world-class resorts and hotels spread across its two main master plans.