RIYADH: Diriyah Co. signed a $2 billion contract with Urbacon Saudi Co. and Al-Bawani Group to develop the Wadi Safar project, including the Royal Diriyah Equestrian and Polo Club and several luxury hotels.
“Today is a very big day,” Diriyah Co. Group CEO Jerry Inzerillo told Arab News. “It is unusual for development companies around the world to sign contracts of $2 billion, but this is a giant construction package for Wadi Safar, which will be one of the most beautiful residential developments in the world,” he said.
The MoU was signed on Wednesday at 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 spectacular resorts,” Inzerillo said. “Four of these resorts are included in this package: Aman, which will be one of the most beautiful Amans in the world, Oberoi, a spectacular hotel operator in India, Faena in Argentina and Miami and Chedi in the Far East. These four resorts are beautiful.”
The CEO said Wadi Safar “will be one of the largest luxury residential developments in the world with a $2 billion package.”
Inzerillo said last week they signed another $2 billion package for their northern multipurpose district, which will include the King Salman Library, King Salman University and Diriyah Square.
“And before December, we will issue additional contracts with large numbers close to this,” he said.
“This indicates that Diriyah is moving full speed ahead to realize Vision 2030. Diriyah will be finished in time for Expo 2030 Riyadh, which will be the world's largest exhibition.”
Located west of Diriyah, Wadi Safar aims to be a residential cultural center offering the world's best polo experiences, luxury hotels and golf courses.
Mohamed Saad, Chairman of Diriyah Co., emphasized the importance of the new partnership: “This is the main construction of many assets in Wadi Safar, including the Royal Diriyah Equestrian and Polo Club, which will be the largest equestrian polo club in the region. . It will also include a number of hotels: Amaala Resort, Six Senses and Chedi.
“Everything we do has to go back to Diriyah's roots and culture. We design all our buildings and assets to showcase and celebrate Diriyah's heritage, culture and heritage,” he said.
Saad pointed out that the assets will gradually open every year, and by 2030, all of Diriyah's assets will be operational.
“We have already delivered the golf course at Wadi Safar and soon we will invite people to play on it,” he said.
He said the Wadi Safar hotels will gradually start opening in 2026.
