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Diriyah Company And Midad Development And Real Estate Investment Company Announce Joint Development Agreement For Four Seasons Hotel And Private Residences Diriyah
(MENAFN- Mid-East Info)
The new partnership formalizes the collaboration between the two companies to develop the 159-room luxury Four Seasons Hotel Diriyah and Four Seasons Private Residences within Diriyah's masterplan, spanning 235,938 square meters. The total value of the project stands at $827 million (SAR 3.1 billion), encompassing both land acquisition and construction costs. Midad is a prominent real estate developer, steadily expanding its luxury portfolio through a growing pipeline of high-end projects and strategic brand partnerships, reinforcing its position as a trusted name in premium residential and hospitality development across the Kingdom. This collaboration marks the first major partnership between Diriyah Company and Midad, supporting the delivery of one of the nearly 40 luxury hotels planned across Diriyah's two main masterplans, the 14 square kilometer Diriyah project and the neighboring 62 square kilometer Wadi Safar project – the exclusive luxury destination adjacent to Diriyah, blending lifestyle, culture and leisure. His Excellency Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia and Secretary General of Diriyah Company, said:“Saudi Arabia continues to set new benchmarks in destination development, and Diriyah stands at the forefront of this evolution. Partnerships such as this enhance the Kingdom's global tourism offering and reinforce our position as a leading destination.” Jerry Inzerillo, Group CEO Diriyah Company, commented:“The Four Seasons Hotel Diriyah will be one of our largest luxury hotels and we are proud to announce this joint development agreement with Midad, one of the Kingdom's leading real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to participate in Diriyah's transformational journey and underscores Midad's confidence in the opportunities the project presents.” “This project represents a milestone for Midad, allowing us to bring the Four Seasons experience to one of Saudi Arabia's most significant heritage destinations. We are excited to deliver a development that exemplifies design excellence, world-class service, and enduring value, while actively contributing to the Kingdom's tourism, cultural, and economic ambitions.” said Abdulelah bin Mohammed Al Aiban, President of Midad Real Estate. This announcement showcases the progress of the $63.2 billion (SAR 236 billion) billion City of Earth, which has already awarded over $27 billion (SAR 101.25 billion) in construction contracts. Diriyah, the City of Earth, will contribute approximately $18.6 billion (SAR 70 billion) directly to the Kingdom's GDP, create more than 180,000 jobs and become home to an estimated 100,000 people and welcome up to 50 million annual visits. The destination will feature modern office spaces for tens of thousands of professionals across sectors such as technology, media, the arts, and education, alongside museums, shopping districts, a university, the Diriyah Opera House, the Diriyah Arena, a variety of food and beverage outlets, and nearly 40 world-class resorts and hotels spanning its two main masterplans. About Diriyah: Diriyah, Saudi Arabia's premier historical, cultural, and lifestyle destination, is a key component of Saudi Arabia's 2030 Vision. A short 15-minute drive from Riyadh's city center, this 14-square-kilometer development holds historical significance as the birthplace of the Kingdom of Saudi Arabia, dating back to 1727. Currently being developed by Diriyah Company, Diriyah is undergoing a transformation into an authentic Najdi-style mixed-use urban community. Diriyah's centerpiece is At-Turaif, the UNESCO World Heritage Site inscribed in 2010, showcasing the ancient adobe capital city of the First Saudi State, dating back to 1766. Upon completion, Diriyah will host more than 100,000 residents, workers, students, and visitors, offering a diverse range of cultural, entertainment, retail, hospitality, educational, and residential spaces. The first of those spaces include Bujairi Terrace, Riyadh's new premium dining hub with over 20 global and local restaurants and cafes that enjoy uninterrupted views of At-Turaif. Bab Samhan, a Luxury Collection Hotel is the first hospitality offering in Diriyah, providing a tranquil experience with panoramic views of Wadi Hanifah. Diriyah's development provides a dynamic environment that celebrates Saudi Arabia's rich cultural history. About Diriyah Company: Diriyah Company was launched in January 2023 and joined the Public Investment Fund's (PIF) portfolio of giga-projects. The Company is responsible for developing the Diriyah project, the birthplace of the Kingdom of Saudi Arabia and its foremost historical, cultural, and lifestyle destination. A dynamic mixed-use developer, Diriyah Company is redefining urban planning to develop Diriyah,“The City of Earth”, while adhering to the highest design, development, and preservation standards. The company ensures Diriyah's cultural landmarks are complemented by world-class retail offerings, fine-dining experiences, and leading hospitality brands.
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Diriyah Company announces the signing of a joint development agreement with Midad Development and Real Estate Investment Company Limited (Midad) to build a luxury 159-room Four Seasons Hotel Diriyah and Four Seasons Private Residences
Total project valued at $827 million (SAR 3.1 billion)
The new partnership formalizes the collaboration between the two companies to develop the 159-room luxury Four Seasons Hotel Diriyah and Four Seasons Private Residences within Diriyah's masterplan, spanning 235,938 square meters. The total value of the project stands at $827 million (SAR 3.1 billion), encompassing both land acquisition and construction costs. Midad is a prominent real estate developer, steadily expanding its luxury portfolio through a growing pipeline of high-end projects and strategic brand partnerships, reinforcing its position as a trusted name in premium residential and hospitality development across the Kingdom. This collaboration marks the first major partnership between Diriyah Company and Midad, supporting the delivery of one of the nearly 40 luxury hotels planned across Diriyah's two main masterplans, the 14 square kilometer Diriyah project and the neighboring 62 square kilometer Wadi Safar project – the exclusive luxury destination adjacent to Diriyah, blending lifestyle, culture and leisure. His Excellency Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia and Secretary General of Diriyah Company, said:“Saudi Arabia continues to set new benchmarks in destination development, and Diriyah stands at the forefront of this evolution. Partnerships such as this enhance the Kingdom's global tourism offering and reinforce our position as a leading destination.” Jerry Inzerillo, Group CEO Diriyah Company, commented:“The Four Seasons Hotel Diriyah will be one of our largest luxury hotels and we are proud to announce this joint development agreement with Midad, one of the Kingdom's leading real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to participate in Diriyah's transformational journey and underscores Midad's confidence in the opportunities the project presents.” “This project represents a milestone for Midad, allowing us to bring the Four Seasons experience to one of Saudi Arabia's most significant heritage destinations. We are excited to deliver a development that exemplifies design excellence, world-class service, and enduring value, while actively contributing to the Kingdom's tourism, cultural, and economic ambitions.” said Abdulelah bin Mohammed Al Aiban, President of Midad Real Estate. This announcement showcases the progress of the $63.2 billion (SAR 236 billion) billion City of Earth, which has already awarded over $27 billion (SAR 101.25 billion) in construction contracts. Diriyah, the City of Earth, will contribute approximately $18.6 billion (SAR 70 billion) directly to the Kingdom's GDP, create more than 180,000 jobs and become home to an estimated 100,000 people and welcome up to 50 million annual visits. The destination will feature modern office spaces for tens of thousands of professionals across sectors such as technology, media, the arts, and education, alongside museums, shopping districts, a university, the Diriyah Opera House, the Diriyah Arena, a variety of food and beverage outlets, and nearly 40 world-class resorts and hotels spanning its two main masterplans. About Diriyah: Diriyah, Saudi Arabia's premier historical, cultural, and lifestyle destination, is a key component of Saudi Arabia's 2030 Vision. A short 15-minute drive from Riyadh's city center, this 14-square-kilometer development holds historical significance as the birthplace of the Kingdom of Saudi Arabia, dating back to 1727. Currently being developed by Diriyah Company, Diriyah is undergoing a transformation into an authentic Najdi-style mixed-use urban community. Diriyah's centerpiece is At-Turaif, the UNESCO World Heritage Site inscribed in 2010, showcasing the ancient adobe capital city of the First Saudi State, dating back to 1766. Upon completion, Diriyah will host more than 100,000 residents, workers, students, and visitors, offering a diverse range of cultural, entertainment, retail, hospitality, educational, and residential spaces. The first of those spaces include Bujairi Terrace, Riyadh's new premium dining hub with over 20 global and local restaurants and cafes that enjoy uninterrupted views of At-Turaif. Bab Samhan, a Luxury Collection Hotel is the first hospitality offering in Diriyah, providing a tranquil experience with panoramic views of Wadi Hanifah. Diriyah's development provides a dynamic environment that celebrates Saudi Arabia's rich cultural history. About Diriyah Company: Diriyah Company was launched in January 2023 and joined the Public Investment Fund's (PIF) portfolio of giga-projects. The Company is responsible for developing the Diriyah project, the birthplace of the Kingdom of Saudi Arabia and its foremost historical, cultural, and lifestyle destination. A dynamic mixed-use developer, Diriyah Company is redefining urban planning to develop Diriyah,“The City of Earth”, while adhering to the highest design, development, and preservation standards. The company ensures Diriyah's cultural landmarks are complemented by world-class retail offerings, fine-dining experiences, and leading hospitality brands.
As a PIF company, Diriyah Company's mission focuses on opportunities in development, hospitality, investment, retail, and office leasing, along with strategic asset management, underscoring the commitment to ensuring successful business outcomes and sustainable growth under the strategic direction of Vision 2030. The Diriyah Company actively forges long-term partnerships to realize its vision of establishing Diriyah as one of the world's greatest gathering places.
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