Riyadh, Saudi Arabia – In a significant boost to Saudi Arabia's burgeoning luxury tourism sector, Diriyah Company has inked a joint development agreement with Midad Development and Real Estate Investment Company to construct the Four Seasons Hotel and Private Residences Diriyah. The deal, valued at $827 million (SAR 3.1 billion), encompasses land acquisition and construction costs for a project spanning 235,938 square meters within Diriyah's expansive masterplan.
The development will feature a 159-room luxury hotel alongside branded private residences, positioning it as one of the Kingdom's largest high-end hospitality offerings. This marks the first major collaboration between Diriyah Company, a key player in Saudi Arabia's Vision 2030 initiatives, and Midad, a Riyadh-based real estate firm known for its premium projects and international brand partnerships.
About the upcoming Four Seasons Residences in Diriyah
His Excellency Ahmed Al Khateeb, Saudi Arabia's Minister of Tourism and Secretary General of Diriyah Company, hailed the agreement as a milestone in the nation's tourism evolution. "Saudi Arabia continues to set new benchmarks in destination development, and Diriyah stands at the forefront of this evolution," he said. "Partnerships such as this enhance the Kingdom’s global tourism offering and reinforce our position as a leading destination."
Jerry Inzerillo, Group CEO of Diriyah Company, emphasized the project's scale and strategic importance. "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," Inzerillo stated. "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."
The Four Seasons Private Residences at the newly announced Diriyah project offer a compelling entry point for international buyers and investors into the Saudi market, and the chance to secure a true trophy asset. For the latest information and early reservation access, please signup via our developer page.
From Midad's side, President Abdulelah bin Mohammed Al Aiban described the venture as a pivotal step forward. "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," Al Aiban noted. "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."
The Four Seasons project is embedded within the broader Diriyah masterplan, a UNESCO World Heritage site and the birthplace of the Kingdom, which is being transformed into a global cultural and lifestyle hub. Diriyah Company envisions nearly 40 luxury hotels across the 14-square-kilometer Diriyah project and the adjacent 62-square-kilometer Wadi Safar area, blending heritage preservation with modern amenities.
This announcement aligns with Saudi Arabia's ambitious Vision 2030 program, aimed at diversifying the economy beyond oil through tourism and entertainment. The overall Diriyah initiative, dubbed the "City of Earth," carries a total investment of $63.2 billion (SAR 236 billion) and has already awarded over $27 billion (SAR 101.25 billion) in construction contracts. Upon completion, it is projected to contribute $18.6 billion (SAR 70 billion) to the Kingdom's GDP, create more than 180,000 jobs, house approximately 100,000 residents, and attract up to 50 million visitors annually.
The development will include contemporary office spaces for sectors like technology, media, arts, and education, alongside museums, shopping districts, a university, the Diriyah Opera House, the Diriyah Arena, and a variety of dining options. Industry observers see this as a key move in positioning Saudi Arabia as a premier destination for international travelers, leveraging partnerships with global brands like Four Seasons to elevate its hospitality landscape.
As Diriyah continues to evolve, this partnership underscores the growing role of private sector involvement in national megaprojects, fostering economic growth and cultural preservation in tandem.
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Guy Watt
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