Riyadh - Mubasher: Midad Real Estate inked a strategic investment and development agreement with Diriyah Company to co-develop the Four Seasons Hotel and Private Residences Diriyah.

The development project will be implemented on a 235,938-square-meter site in Diriyah, with investments amounting to $827 million (SAR 3.10 billion), according to a press release.

The project supports Midad’s commitment to Vision 2030, driving tourism, investment, job creation, and sustainable economic impact.

Midad will lead the development, featuring a 159-room luxury Four Seasons Hotel and private residences, combining world-class service and design to set new standards for luxury hospitality in the Kingdom.

Ahmed Al Khateeb, Saudi 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.”

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

Al Aiban added: “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.”

Jerry Inzerillo, Group CEO Diriyah Company, indicated: “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.”