Saudi Arabia’s Midad Real Estate has signed a strategic investment and development agreement with Diriyah Company to co-develop the Four Seasons Hotel and Private Residences Diriyah on a 235,938-square-metre site in in Diriyah, the City of Earth master plan in Riyadh.

The project represents a total investment of $827 million (3.1 billion Saudi riyals), covering land and construction costs, and will be led by Midad Real Estate. the compamny said in a press statement.

It will feature a 159-room luxury Four Seasons hotel alongside branded private residences, the statement said.

The timeline wasn't disclosed.

The new development forms part of the historic and cultural landmark's hospitality component, which includes nearly 40 luxury hotels planned across Diriyah’s two main masterplans, the 14 square kilometre ( sq km) Diriyah project and the neighboring 62 ( sq km)Wadi Safar project.

(Writing by Deva Palanisamy; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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