Giga-projects Diriyah secures $1.6bn loan to back cultural destination By Pramod Kumar, Edmund Bower March 13, 2025, 1:15 PM Banque Saudi Fransi Bader AlSalloom, CEO of Banque Saudi Fransi and Jerry Inzerillo, group CEO, Diriyah Company signing the credit facility agreement for the Diriyah development loan Diriyah secures Banque Saudi Fransi loan Intended for Wadi Safar destination Diriyah budget is $63bn Diriyah Company has secured a SAR6 billion ($1.6 billion) loan from Banque Saudi Fransi (BSF) to develop Wadi Safar, a 62 sq km cultural and tourism destination west of Riyadh. Wadi Safar is intended as an “exclusive residential development”, a statement read, “that will feature a selection of ultra-luxury hospitality, sports and leisure, and retail assets”. It lies just south of Diriyah, a 14 sq km giga-project with a budget of SAR236 billion ($63 billion). Giga-projects refer to multi-billion dollar infrastructure developments that aim to promote economic diversification. The Wadi Safar announcement follows two others made at MIPIM, a real estate festival held in Cannes, France, last year. Diriyah announced on Tuesday the launch of a media and innovation district in the second phase of the master development to attract global media networks, as well as host tech companies and innovation hubs. Spanning 250,000 sq m of office gross floor area, the district will feature 450 residential homes, more than 15,000 sq m for retail outlets, and the 325-room luxury 1 Hotel Diriyah. Speaking in Cannes, CEO Jerry Inzerillo said the new district “will position Diriyah as a global hub for media production, technological innovation, and creative industries”. Saudi construction surge draws interest from around the world PIF signs $3bn deal with Italy’s export credit agency Growth-stage investment heats up as Gulf IPOs gain traction On Tuesday Armani Residences Diriyah, a 15-unit residential complex in Diriyah Square also launched. The complex sits near the 70-room Armani Hotel Diriyah, which broke ground last November. Series of branded residences are coming up in Diriyah, which includes Ritz-Carlton Residences, Corinthia Residences, and Raffles Residences. In December 2024 Diriyah awarded a SAR758.5 million contract to China Harbour Engineering Company for bulk excavation works in the second phase of the giga-project. Once completed, the giga-project will house 100,000 people, create 178,000 jobs, attract 50 million annual visitors and contribute $18.6 billion to the economy.
