Hassan Allam Holding, one of the largest engineering and construction companies in the Mena region, 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 & Mixed Use Super Block, a landmark boulevard development within the giga-project in the kingdom's ancient city.

The contract worth SAR2.7 billion ($719 million) was awarded by Diriyah Company to a joint venture of Hassan Allam Construction and UCC Saudi, reported MEED.

A key unit of Saudi sovereign wealth fund PIF, Diriyah Company is spearheading an ambitious SAR236 billion ($63 billion) giga-project and will be responsible for transforming it into a world-class cultural, lifestyle, and tourism destination.

The new hotel project comes as part of Saudi PIF's plans to develop 40 luxury hospitality projects across its two main projects: the 14-sq-km Diriyah Project and the 62-sq-km Wadi Safar Project, a premium destination that blends lifestyle, culture and entertainment.

Spanning 241,000 sq m of built-up area, the mixed-use development will bring together the iconic 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 in its LinkedIn post.