Hassan Allam Holding signs $720m Waldorf Astoria super block project deal in Diriyah
RIYADH: Egypt-based Hassan Allam Holding has signed a contract worth SR2.7 billion ($720 million) for the construction of Waldorf Astoria Hotel, residences and a mixed-use super block in Diriyah.
The project was awarded to the company’s subsidiary, Hassan Allam Construction Saudi, in a joint venture with UCC Saudi by Diriyah Co., according to a press statement.
The Diriyah project, located on the northwestern outskirts of Riyadh, is one of five giga-projects backed by the Public Investment Fund under Vision 2030, the Kingdom’s economic diversification strategy.
Designed to help position Saudi Arabia as a global tourism destination, the development is expected to contribute around SR70 billion annually to the Kingdom’s gross domestic product, create nearly 180,000 jobs, and eventually be home to around 100,000 residents.
