Diriyah Company and Midad Development and Real Estate Investment Company have entered into a joint agreement to build a new Four Seasons Hotel and Private Residences. The project carries a total value of $827 million (SAR 3.1 billion) which covers both the acquisition of land and the final construction costs.

The luxury development will feature 159 hotel rooms alongside exclusive private residences. It sits on a site spanning 235,938 square metres within the Diriyah masterplan. This deal represents the first major collaboration between the two firms. It is part of a massive pipeline of nearly 40 luxury hotels planned for the 14 square kilometre Diriyah site and the 62 square kilometre Wadi Safar project.

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.”

The wider “City of Earth” project is estimated to be worth $63.2 billion. So far more than $27 billion in construction contracts have already been awarded. Once finished the destination is expected to contribute $18.6 billion to the national GDP and provide 180,000 jobs.

Abdulelah bin Mohammed Al Aiban, President of Midad Real Estate, said: “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.”

The masterplan for the area includes an opera house, a university and the Diriyah Arena. It is designed to house 100,000 residents and will feature office space for thousands of professionals in the arts, media and technology sectors.