Diriyah's Wadi Safar Project Gets A Boost With $1.6 Billion Financing
Diriyah Company has recently struck a deal with Banque Saudi Fransi (BSF), valued at USD1.6 billion (SAR 6 billion), to finance the Wadi Safar project within the Diriyah urban development scheme. This financial boost aims to further the construction of a 62 sq km upscale residential area, which will include top-tier hospitality, sports, leisure, and retail facilities. This move is part of Diriyah Company's broader strategy to elevate Diriyah into a leading tourist and cultural hub.
Wadi Safar stands out as one of Diriyah Company's trio of masterplans, set to feature an array of ultra-luxury amenities. Among its anticipated attractions are the Royal Equestrian & Polo Club and four distinguished hotels—Aman, Six Senses, The Chedi, and Faena—set to arise from a $2.13 billion (SAR 8 billion) joint venture construction contract awarded in July 2024.
Additionally, the area will host the prestigious 27-hole Signature Golf Course, designed by Greg Norman, alongside the Royal Golf Club, further enhancing its appeal to luxury and sports enthusiasts.
Diriyah, poised on Riyadh's outskirts, is recognized as one of Saudi Arabia's ambitious giga-projects, backed by the Public Investment Fund (PIF). This expansive urban venture aims to accommodate over 100,000 residents and provide office spaces for a vast number of professionals across various sectors.
It's projected to generate around 178,000 jobs, build more than 40 world-class hotels, and establish art galleries, museums, and retail areas. Once completed, Diriyah is expected to draw 50 million annual visits and contribute USD 18.6 million (SAR 70 billion) to the national GDP. The initiative has already seen the inauguration of Bab Samhan — a Luxury Collection hotel, following the opening of the UNESCO World Heritage sites of At-Turaif and Bujairi Terrace in 2022, which have collectively attracted over 3 million visitors.
The strategic alliance with BSF not only underlines Diriyah Company's dedication to creating a globally recognized development but also mirrors BSF's support for strategic projects that drive sustainable growth. This partnership underscores a shared vision for transforming the Kingdom's economy through quality investments. This commitment is a testament to the pivotal role that such collaborations play in realising the ambitious goals of Saudi Vision 2030.
Sign in with Google