RIYADH: Diriyah Co. has 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 said. Group CEO Jerry Inzerillo to Arab News. “It is unusual for development companies worldwide to sign $2 billion contracts, but this is a gigantic construction package for our Wadi Safar, which will be one of the most beautiful residential areas in the world,” he said.
The MoU was signed on Wednesday at DGDA headquarters in Riyadh by Inzerillo, Urbacon Trading & Contracting President 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 Greg Norman-designed 27-hole golf course 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 from India, Faena from Argentina and Miami, and Chedi from the Far East. These four resorts are beautiful.”
The CEO said Wadi Safar “will be one of the largest luxury residences in the world, with a $2 billion package.”
Inzerillo said last week they signed another $2 billion package for their northern multi-use 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 as well,” he said.
“This indicates that Diriyah is moving at full speed to realize Vision 2030. Diriyah will be completed in time for Expo 2030 Riyadh, which will be the largest expo in the world.”
Located west of Diriyah, Wadi Safar aims to be a residential cultural hub offering the world's best experiences in polo, 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. This will also include a range of hotels: Amaala Resort, Six Senses and Chedi.
“Everything we do must go back to the roots and culture of Diriyah. We design all our buildings and assets to present and celebrate the heritage, culture and legacy of Diriyah,” he said.
Saad emphasized that assets would be opened gradually each year, and by 2030, all of Diriyah's assets would be operational.
“We have already delivered the golf course at Wadi Safar and will soon invite people to play on it,” he said.
He said the Wadi Safar hotels would gradually begin opening in 2026.
