Diriyah Company signs $827m Four Seasons deal as Saudi tourism push accelerates

Diriyah Company has announced an agreement with Midad to deliver the Four Seasons Hotel and Private Residences Diriyah.

According to Diriyah Company, the agreement formalises collaboration on the 159-room luxury Four Seasons Hotel Diriyah and Four Seasons Private Residences, spanning a total area of 235,938 square metres within Diriyah’s masterplan.

The total value of the project stands at $827m (SR3.1bn), covering both land acquisition and construction costs.

Four Seasons Hotel and Private Residences Diriyah in Saudi Arabia

Midad Development and Real Estate Investment Company is a prominent real estate developer with a growing portfolio of high-end residential and hospitality projects across Saudi Arabia.

The partnership represents the first major collaboration between the development company and Midad and supports delivery of one of the nearly 40 luxury hotels planned across Diriyah’s two masterplans — the 14 square kilometre Diriyah project and the neighbouring 62 square kilometre Wadi Safar project.

Diriyah positions Wadi Safar as an exclusive luxury destination adjacent to Diriyah, blending lifestyle, culture and leisure within the wider development.

Ahmed Al-Khateeb, Minister of Tourism 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 of Diriyah Company, said: “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.”

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.”

$63bn transformation masterplan

The announcement highlights continued progress on the $63.2bn (SR236bn) Diriyah project, which has already awarded more than $27bn (SR101.25bn) in construction contracts.

The region is expected to directly contribute approximately $18.6bn (SR70bn) to Saudi Arabia’s GDP, create more than 180,000 jobs, house around 100,000 residents and attract up to 50 million visits annually.

The destination will include modern office space for tens of thousands of professionals across sectors such as technology, media, arts and education, alongside museums, shopping districts, a university, the Opera House and an arena, extensive food and beverage offerings, and nearly 40 world-class resorts and hotels across its two masterplans.