Hassan Allam Holding has announced that one of its key subsidiaries has secured a major contract from Diriyah Company for the development of the Waldorf Astoria Hotel, Residences and mixed-use super block, a boulevard development within the Kingdom’s ancient city, Diriyah.

The contract worth US $719mn was awarded by Diriyah Company to a joint venture of Hassan Allam Construction and UCC Saudi.

A key unit of the Saudi sovereign wealth fund PIF, Diriyah Company is  responsible for the giga-project, and will be transforming it into a world-class cultural, lifestyle, and tourism destination.

The new hotel project comes as part of the PIF’s plans to develop 40 luxury hospitality projects across its 2 main projects: the 14sqkm Diriyah project and the 62sqkm Wadi Safar project, a premium destination that blends lifestyle, culture and entertainment.

Spanning 241,000sqm of built-up area, the mixed-use development will bring together the 200-key Waldorf Astoria Hotel, 47 branded residences, commercial and office buildings, an integrated super basement, and a vibrant public realm, contributing to one of the Kingdom’s most prestigious destinations, stated Hassan Allam Holding.

“Through our continued collaboration with Diriyah Company, we remain committed to delivering landmark developments that contribute to the Kingdom’s ambitious transformation,” said a spokesman for Hassan Allam Holding.

“Backed by a legacy of 90-years of excellence across the MENA region, we continue to shape iconic destinations that inspire generations and stand as enduring symbols of quality, innovation, and excellence,” he concluded.