Albawani, Urbacon Saudi JV awarded $2.1 billion Contract from Diriyah Co.
Diriyah Co., Saudi Arabia announces the signing of contract to develope four luxury hotels and the Royal Equestrian and Polo Club in Wadi Safar, Diriyah.
The Project has been awarded to JV of Urbacon Saudi Co. (a subsidiary of UCC Holding), Albawani Company.
The value of the contract is SAR 8 billion.
The construction work is expected to start soon on this project, which represents another significant phase for the Diriyah project.
These hotels are part of more than 40 hotels planned in the Diriyah and Wadi Safar projects, with the equestrian center will be a regional center of excellence, based on the rich heritage and long history of the Arabian horse and Saudi equestrian traditions.
This contract follows a previous announcement earlier this July of another contract valued at SAR 7.8 billion to build a new multi-use area north of Diriyah.
Diriyah Gate Development Autority started the first phase of rehabilitating and developing historic Diriyah in June 2020, with a value of SAR 75 billion. The master plan covers an area of 7 square kilometers and includes a variety of tourism and entertainment destinations.
