Bank Saudi Fransi (BSF) announced on Wednesday that it has signed a financing agreement worth 6 billion Saudi riyals ($1.6 billion) with Diriyah Company for the development of Wadi Safar destination within the Diriyah project.

The agreement was signed by Bader AlSalloom, CEO of BSF and Jerry Inzerillo, GCEO of Diriyah Company, a press statement issued by BSF said.

Covering an area of approximately 62 square kilometres (sq. km.), Wadi Safar is one of the three main projects under Diriyah Company’s development plan.

The project will feature a luxurious residential community, high-end hospitality facilities, recreational and sports venues, and commercial and retail spaces. Additionally, it will feature premium real estate units tailored to meet the needs of investors and visitors in the Kingdom.

The birthplace of the first Saudi state, Diriyah is a major urban initiative in Riyadh, integrating residential and commercial spaces. By 2030, it aims to create 178,000 jobs, attract 50 million annual visitors, and contribute SAR 18.6 billion ($5 billion) to Saudi Arabia’s GDP.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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