RIYADH: Egypt-based Hassan Allam Holding has signed a contract worth SR2.7 billion ($720 million) for the construction of Waldorf Astoria Hotel, residences and a mixed-use super block in Diriyah.
The project was awarded to the company’s subsidiary, Hassan Allam Construction Saudi, in a joint venture with UCC Saudi by Diriyah Co., according to a press statement.
The Diriyah project, located on the northwestern outskirts of Riyadh, is one of five giga-projects backed by the Public Investment Fund under Vision 2030, the Kingdom’s economic diversification strategy.
Designed to help position Saudi Arabia as a global tourism destination, the development is expected to contribute around SR70 billion annually to the Kingdom’s gross domestic product, create nearly 180,000 jobs, and eventually be home to around 100,000 residents.
Details of mixed-use development project
The mixed-use development covers approximately 241,000 sq. meters of built-up area. It will feature a 200-key Waldorf Astoria Hotel, 47 branded residences, and commercial and office buildings, as well as an integrated super basement and a public realm.
“Through our continued collaboration with Diriyah Co., we remain committed to delivering landmark developments that contribute to the Kingdom’s ambitious transformation. Backed by a legacy of 90 years of excellence across the MENA region, Hassan Allam Holding continues to shape iconic destinations that inspire generations and stand as enduring symbols of quality, innovation, and excellence,” said Hassan Allam Holding in a press statement.
The signing ceremony was attended by Hassan Allam, chairman and CEO of Hassan Allam Holding, Jerry Inzerillo, group CEO of Diriyah Co., and Samer Ibrahim, CEO of UCC Holding.
Developing Diriyah and recent contracts
Developing heritage projects such as Diriyah forms a key part of Saudi Arabia’s National Tourism Strategy, which aims to attract over 150 million visitors by the end of this decade.
In April, Diriyah Co. awarded Hassan Allam Construction Saudi Arabia and Al-Bawani Co. an SR1.84 billion construction contract to develop the Saudi Arabia Museum of Contemporary Art.
The museum, known as SAMoCA, will be built on Diriyah’s Grand Avenue and span more than 77,000 sq. meters, including 45,252 sq. meters of built-up area. It is designed to serve as a national platform for modern and contemporary Saudi art.
In October, US-based Parsons Corp. secured a SR210 million contract from Diriyah Co. to support infrastructure development in Phase 2 of the Kingdom’s heritage-led giga-project.
Under the five-year agreement, Parsons will oversee the design and delivery of neighborhood parks, open spaces, and more than 55 km of streetscape across Diriyah’s second development phase.
