In a significant move to bolster the Kingdom’s burgeoning tourism sector, Diriyah Company has finalized a landmark deal worth $827 million with Midad to establish the Four Seasons Hotel and Private Residences Diriyah. This collaboration is a key component of Saudi Arabia’s efforts to position Diriyah as a premier luxury destination, integral to the country’s ambitious vision for tourism development.
Diriyah Company recently announced a partnership with Midad to bring the luxury Four Seasons Hotel and Private Residences to life in Diriyah. This agreement formalizes their collaboration on the development, which will include a 159-room luxury hotel and exclusive private residences, all spanning an impressive 235,938 square meters within the larger Diriyah masterplan.
Valued at $827 million (SR3.1 billion), this project’s financial framework encompasses both land acquisition and construction costs. It marks a pivotal moment in the ongoing development trajectory of Diriyah, a historic area poised to become a focal point for luxury hospitality.
Four Seasons Hotel and Private Residences Diriyah in Saudi Arabia
Midad Development and Real Estate Investment Company, known for its impressive portfolio in high-end residential and hospitality projects across Saudi Arabia, will lead this initiative. The partnership signifies a major collaboration between Midad and Diriyah Company, paving the way for one of nearly 40 luxury hotels slated for development across Diriyah’s dual masterplans — the expansive 14-square-kilometer Diriyah project and the adjacent 62-square-kilometer Wadi Safar project.
Wadi Safar is envisioned as an exclusive luxury enclave neighboring Diriyah, harmonizing lifestyle, culture, and leisure within a broader developmental framework. This enhancement aligns with the Kingdom’s strategic objectives to elevate its global tourism appeal.
“Saudi Arabia continues to set new benchmarks in destination development, and Diriyah stands at the forefront of this evolution,” stated Ahmed Al-Khateeb, Minister of Tourism and Secretary General of Diriyah Company. “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, expressed his enthusiasm for the project, noting, “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 added, “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.”
Abdulelah bin Mohammed Al Aiban, President of Midad Real Estate, remarked on the significance of the project: “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.”
He further emphasized the project’s transformative potential, stating, “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.”
$63bn Transformation Masterplan
This announcement also sheds light on the continuous advancements within the $63.2 billion (SR236 billion) Diriyah project, which has already seen more than $27 billion (SR101.25 billion) in construction contracts awarded. This transformative initiative is anticipated to contribute approximately $18.6 billion (SR70 billion) to Saudi Arabia’s GDP, create over 180,000 jobs, accommodate around 100,000 residents, and attract up to 50 million visitors annually.
The sprawling destination will feature modern office spaces for tens of thousands of professionals across various sectors, including technology, media, arts, and education. Additionally, plans include museums, vibrant shopping districts, a university, an opera house, an arena, extensive dining options, and nearly 40 world-class resorts and hotels across its two masterplans.