Saudi Arabia’s Midad Real Estate unveiled plans for a $827 million Four Seasons hotel and private residences in the Diriyah cultural district on the outskirts of Riyadh, in the latest sign of the developer’s increasing ambition.
Diriyah is a $63 billion, Public Investment Fund-backed real estate development around a UNESCO heritage site that was the ancestral home of the Saudi ruling family. Midad — whose Chief Executive Abdulelah bin Mohammed Al Aiban is the brother of Saudi National Security Adviser Musaad Al Aiban — also has a $2 billion joint venture with PIF’s Jeddah Central Development Company to develop Atlantis and One&Only hotels in the west coast city. Its portfolio under development also includes a Four Seasons hotel and residences in Jeddah.
Separately, Midad’s energy division is reportedly in talks to acquire the international assets of Russia’s Lukoil, after the US imposed sanctions on the Moscow-headquartered company. In October, Midad signed a contract with Algeria’s state-owned energy company Sonatrach for a $5.4 billion investment in oil and gas exploration and development.