RIYADH: Diriyah Co. signed an SR2 billion ($533 million) financing agreement with Arab National Bank to develop hotel-branded residences in Diriyah and Wadi Safar, marking the first partnership between the two companies.
The deal was signed by Diriyah Co. Group CEO Jerry Inzerillo and Louai Al-Zaher, chief wholesale bank officer at Arab National Bank, according to the Saudi Press Agency.
Diriyah Co. is owned by Saudi Arabia’s Public Investment Fund, which designated the historic area as its fifth giga-project in 2023 as it earmarked it to include more than 40 hotels, with the destination expected to attract 50 million visits annually by 2030.
The latest projects are part of Diriyah Co.’s development of the 14-square-kilometer Diriyah master plan and Wadi Safar.
“This agreement reflects the confidence of major financial institutions and investors in Diriyah’s long-term vision and in the investment potential offered by its projects,” a Saudi Press Agency report stated.
Diriyah Co. said it has awarded development contracts worth more than SR110 billion to local and international companies.
The wider Diriyah project has an estimated value of SR236 billion, with more than 63,000 workers currently employed across its development areas, according to the company.
Financing supports hotel-branded residences
The financing will support the development of luxury hotel-branded residences across Diriyah and Wadi Safar.
It added that hotel-branded residences were central to the company’s development strategy, which targets 18,000 residential units capable of accommodating about 100,000 people.
Arab National Bank Managing Director and CEO Obaid Al-Rasheed said the lender was committed to supporting national projects and participating in financing that contributes to Diriyah’s development and Saudi economic growth.
Wadi Safar’s master plan includes high-end residences and cultural and educational assets, alongside facilities for sports and leisure.
