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Saudi gigaproject developer Diriyah Company has awarded a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan.

The contract was awarded to the joint venture of local firm BEC Arabia and Indian contractor Ashoka Buildcon.

The project has a gross floor area of over 31,000 square metres (sq m).

The hotel is located in the Media and Innovation District. In November last year, BEC Arabia won an estimated $800m contract to construct the district’s south offices. 

This project will deliver office spaces for media companies and creative agencies.

Within the same district, BEC Arabia will also build residential assets on the Manazel Al-Hadawi plots.

In January, Diriyah Company announced a new joint development agreement with Riyadh-based Midad Development & Real Estate Investment Company to deliver the Four Seasons Hotel and Private Residences in Diriyah.

The agreement formalises a partnership to develop the 159-key Four Seasons Hotel Diriyah, alongside the Four Seasons Private Residences, as part of Diriyah’s masterplan, across a total area of 235,938 sq m.

The project is valued at $827m (SR3.1bn), covering both land acquisition and construction.

The agreement marks the first major partnership between Diriyah Company and Midad, supporting the delivery of one of nearly 40 luxury hotels planned across Diriyah’s two main masterplans.

The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.