RIYADH: Diriyah Co. has signed a $2 billion deal with Urbacon Saudi Co. and Al-Bawani Group to develop the Wadi Safar project, which includes the Royal Diriyah Equestrian and Polo Club and several luxury hotels.
“Today is a very important day,” Jerry Inzerillo, CEO of Diriyah Co. Group, told Arab News. “It is unusual for development companies around the world to sign $2 billion contracts, but this is a gigantic construction package for our Wadi Safar, which will be one of the most beautiful residential developments in the world,” he said.
The MoU was signed on Wednesday at the DGDA headquarters in Riyadh by Inzerillo, Urbacon Trading & Contracting Chairman Ramez Al-Khayyat and Al-Bawani Group CEO Fakher Al Shawaf.
“Wadi Safar will be home to the Royal Diriyah Equestrian and Polo Club, a 27-hole Greg Norman-designed golf course, and 10 spectacular resorts,” Inzerillo said. “Four of these resorts are included in this package: Aman, which will be one of the most beautiful Amans in the world, Oberoi, a spectacular hotel operator from India, Faena from Argentina and Miami, and Chedi from the Far East. These four resorts are beautiful.”
The CEO said that Wadi Safar “will be one of the largest high-end luxury residential developments in the world, with a $2 billion package.”
Inzerillo said last week they signed another $2 billion package for their Northern Multipurpose District, which will include the King Salman Library, King Salman University and Diriyah Square.
“And before December, we will issue more contracts with numbers similar to this one,” he said.
“This indicates that Diriyah is moving full speed ahead to realize Vision 2030. Diriyah will be completed in time for Expo 2030 Riyadh, which will be the largest exposition in the world.”
Located west of Diriyah, Wadi Safar aims to become a residential cultural hub offering the world’s finest polo, luxury hotels and golf experiences.
Mohamed Saad, Chairman of Diriyah Co., stressed the importance of the new partnership: “This is the flagship construction of several assets in Wadi Safar, including the Royal Diriyah Equestrian and Polo Club, which will be the largest equestrian polo club in the region. This will also include a number of hotels: Amaala Resort, Six Senses and Chedi.
“Everything we do must go back to the roots and culture of Diriyah. We are designing all our buildings and assets to showcase and celebrate the legacy, culture and heritage of Diriyah,” he said.
Saad stressed that the resources will be opened gradually every year and that by 2030 all of Diriyah's resources will be operational.
“We have already delivered the golf course in Wadi Safar and will soon invite people to play there,” he said.
He said that Wadi Safar hotels will gradually start opening in 2026.
