Diriyah: Diriyah Company has secured a USD1.6 billion (SAR 6 billion) financing agreement from Banque Saudi Fransi (BSF) to fund the development of the Wadi Safar masterplan, a key area within the Diriyah urban development project.  

The signing ceremony was attended by Jerry Inzerillo, Group Chief Executive Officer of Diriyah Company, and Bader Alsalloum, Chief Executive Officer of BSF, along with senior executives from both entities. The attendees stressed the importance of this partnership in supporting sustainable development and enhancing Diriyah’s position as a prominent tourist and cultural destination.

As one of the three masterplans developed by Diriyah Company, Wadi Safar is a 62 sq km highly exclusive residential development that will feature a selection of ultra-luxury hospitality, sports and leisure, and retail assets.

In July 2024, a USD2.13 billion (SAR 8 billion) joint venture construction contract was awarded for the development of the Royal Equestrian & Polo Club and four world-class hotels including Aman, Six Senses, The Chedi, and Faena. Wadi Safar is also the location for the prestigious 27-hole Signature Golf Course designed by Greg Norman and Royal Golf Club.  

The financing agreement with BSF underscores Diriyah Company's commitment to delivering a world-class development that aligns with Saudi Vision 2030. It also reflects BSF’s commitment to financing strategic projects, reinforcing its role in supporting sustainable development and promoting quality investments that contribute to the Kingdom’s economic transformation.

Located on the outskirts of Riyadh, Diriyah is one of Saudi Arabia's five giga-projects, supported by the Public Investment Fund (PIF). This integrated urban development is designed to provide homes for over 100,000 residents, office space for tens of thousands of professionals in the technology, media, arts and education sectors, create an estimated 178,000 jobs, build over 40 world-class hotels, art galleries, museums and retail districts to attract 50 million annual visits, and contribute USD 18.6 billion (SAR 70 billion) to Saudi Arabia’s GDP once completed. Diriyah’s first hotel, Bab Samhan – a Luxury Collection hotel, recently opened, following the launch of the UNESCO World Heritage site of At-Turaif and Bujairi Terrace in 2022, which have attracted over 3 million visits to date.

About Diriyah  

Diriyah, Saudi Arabia’s premier historical, cultural, and lifestyle destination, is a key component of Saudi Arabia's 2030 Vision. A short 15-minute drive from Riyadh’s city center, this 14-square-kilometer development holds historical significance as the birthplace of the Kingdom of Saudi Arabia, dating back to 1727. Currently being developed by Diriyah Company, Diriyah is undergoing a transformation into an authentic Najdi-style mixed-use urban community. Diriyah’s centerpiece is At-Turaif, the UNESCO World Heritage Site inscribed in 2010, showcasing the ancient adobe capital city of the First Saudi State, dating back to 1766. 

Upon completion, Diriyah will host more than 100,000 residents, workers, students, and visitors, offering a diverse range of cultural, entertainment, retail, hospitality, educational, and residential spaces. The first of those spaces include Bujairi Terrace, Riyadh’s new premium dining hub with over 20 global and local restaurants and cafes that enjoy uninterrupted views of At-Turaif. Bab Samhan, a Luxury Collection Hotel is the first hospitality offering in Diriyah, providing a tranquil experience with panoramic views of Wadi Hanifah. Diriyah’s development provides a dynamic environment that celebrates Saudi Arabia’s rich cultural history. 

About Diriyah Company

Diriyah Company was launched in 2022 and joined the Public Investment Fund’s (PIF) portfolio of giga-projects. The Company is responsible for developing the Diriyah project, the birthplace of the Kingdom of Saudi Arabia and its foremost historical, cultural, and lifestyle destination. A dynamic mixed-use developer, Diriyah Company is redefining urban planning to develop Diriyah, “The City of Earth”, while adhering to the highest design, development, and preservation standards. The company ensures Diriyah’s cultural landmarks are complemented by world-class retail offerings, fine-dining experiences, and leading hospitality brands.  

As a PIF company, its mission focuses on opportunities in development, hospitality, investment, retail, and office leasing, along with strategic asset management, underscoring the commitment to ensuring successful business outcomes and sustainable growth under the strategic direction of Vision 2030. The Diriyah Company actively forges long-term partnerships to realize its vision of establishing Diriyah as one of the world’s greatest gathering places.