Egypt's Hassan Allam wins $727 million Waldorf Astoria Diriyah deal

Egypt's Hassan Allam Holding has secured a SAR 2.7 billion ($727 million) contract to build the Waldorf Astoria Hotel, Residences and Mixed-Use Superblock at Diriyah, one of Saudi Arabia's most ambitious giga-projects, extending the Egyptian construction giant's growing footprint inside the kingdom's multi-decade transformation programme.

The contract was awarded by Diriyah Company, a unit of Saudi Arabia's sovereign wealth fund the Public Investment Fund, to a joint venture of Hassan Allam Construction Saudi, the local subsidiary of Hassan Allam Holding, and UCC Saudi, the Saudi arm of Qatar's UCC Holding. The award was first reported by MEED and confirmed by both Hassan Allam Holding and Diriyah Company.

The Waldorf Astoria Superblock sits within the Boulevard Northwestern District of Diriyah Gate 2 and will span approximately 241,000 square metres of built-up area. The development will comprise a 200-key Waldorf Astoria Hotel, 47 branded luxury residences, commercial and office buildings, a large integrated basement, and a vibrant public realm designed along the Grand Boulevard. Construction mobilisation follows the June 2026 award, with delivery aligned with the broader Diriyah programme targeting completion ahead of Expo 2030 in Riyadh.

Hassan Allam, chairman and chief executive of Hassan Allam Holding, said the award reinforces the group's longstanding partnership with Diriyah Company. "We are proud to support the development of one of the kingdom's most ambitious and transformative destinations and to continue our partnership with Diriyah Company in bringing its vision to life," he said. "Drawing on more than 90 years of experience across the MENA region, we remain committed to delivering the highest standards of quality and excellence on landmark projects that are helping shape the kingdom's future."

The Waldorf Astoria contract is the latest in a string of major awards Hassan Allam has secured within the Diriyah masterplan. In April 2026, the group won a SAR 1.84 billion ($490 million) contract to build the Saudi Arabia Museum of Contemporary Art within the development, in a consortium with Saudi Arabia's Albawani. Earlier contracts have included hospitality packages and infrastructure work across the site. Ramez Al-Khayyat, UCC Holding president and group CEO, said the award builds on the group's existing Diriyah collaboration, including the delivery of four luxury hotels and the Royal Diriyah Equestrian and Polo Club in Wadi Safar.

Hassan Allam Holding is one of the largest engineering and construction companies in the Middle East and North Africa, with operations spanning Egypt, Saudi Arabia, the UAE and other regional markets. The group was founded more than nine decades ago and has built its Saudi presence progressively as the kingdom has accelerated its Vision 2030 infrastructure and tourism agenda. Diriyah, which sits on the outskirts of Riyadh and is the ancestral home of the Saudi royal family, is being developed into a world-class cultural, hospitality and lifestyle destination within a SAR 236 billion ($63 billion) masterplan that ranks among the largest urban development programmes anywhere in the world.

Diriyah Company chief executive Jerry Inzerillo said the award marks continued progress across the site. "The Waldorf Astoria will be a world-class addition to our growing portfolio of globally renowned hospitality brands, further strengthening Diriyah's appeal as a globally significant destination that offers world-class hospitality and lifestyle experiences," he said.