Diriyah: Diriyah Company has announced a new joint development agreement with Midad Development and Real Estate Investment Company to build the Four Seasons Hotel and Private Residences Diriyah.
According to Saudi Press Agency, the new partnership formalizes the collaboration between the two companies to develop the 159-room luxury Four Seasons Hotel Diriyah and Four Seasons Private Residences within Diriyah's masterplan, spanning 235,938 square meters. The total value of the project stands at $827 million (SAR3.1 billion), encompassing both land acquisition and construction costs.
Midad is a prominent real estate developer, steadily expanding its luxury portfolio through a growing pipeline of high-end projects and strategic brand partnerships, reinforcing its position as a trusted name in premium residential and hospitality development across the Kingdom. This collaboration marks the first major partnership between Diriyah Company and Midad, supporting the delivery of one of the nearly 40 luxury hotels planned across Diriyah's two main masterplans, the 14 square kilometer Diriyah project and the neighboring 62 square kilometer Wadi Safar project - the exclusive luxury destination adjacent to Diriyah, blending lifestyle, culture and leisure.
Minister of Tourism and Secretary General of Diriyah Company Ahmed Al-Khateeb commented on the partnership, stating that Saudi Arabia continues to set new benchmarks in destination development, with Diriyah at the forefront. He emphasized that partnerships such as this enhance the Kingdom's global tourism offering and reinforce its position as a leading destination.
Group CEO of Diriyah Company Jerry Inzerillo expressed pride in the joint development agreement with Midad, noting that the Four Seasons Hotel Diriyah will be one of their largest luxury hotels. The agreement reflects Diriyah's ongoing commitment to enabling Saudi partners to participate in its transformational journey and underscores Midad's confidence in the opportunities the project presents.
President of Midad Real Estate, Abdulelah bin Mohammed Al Aiban, highlighted the significance of the project for Midad, allowing the company to bring the Four Seasons experience to one of Saudi Arabia's most significant heritage destinations. He expressed excitement about delivering 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 announcement also showcases the progress of the $63.2 billion (SAR236 billion) Diriyah project, which has already awarded over $27 billion (SAR101.25 billion) in construction contracts. Diriyah will contribute approximately $18.6 billion (SAR70 billion) directly to the Kingdom's GDP, create more than 180,000 jobs, and become home to an estimated 100,000 people, welcoming up to 50 million annual visits.
The destination will feature modern office spaces for tens of thousands of professionals across sectors such as technology, media, the arts, and education, alongside museums, shopping districts, a university, the Diriyah Opera House, the Diriyah Arena, a variety of food and beverage outlets, and nearly 40 world-class resorts and hotels spanning its two main masterplans.