Saudi Arabia adds Diriyah to PIF’s gigaproject portfolio

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Saudi Arabia has added Diriyah project to the portfolio of its sovereign wealth fund, Public Investment Fund (PIF), state-owned SPA news agency reported, citing an announcement by Crown Prince Mohammad bin Salman.

PIF’s gigaprojects portfolio includes Neom, Red Sea, Qiddiya and Roshn.

The Diriyah gigaproject is expected to create partnerships with the local private sector, and unlock investment opportunities throughout its development phases in industries such as construction, operation and management of hotels, retail, entertainment, and cultural facilities.

The $50 billion project includes the historic UNESCO World Heritage site of At-Turaif.

The Diriyah Gate Development Authority (DGDA) will continue its regulatory and supervisory role of Diriyah.

Diriyah, established in 1446, is located within Riyadh province and is being developed over 14 sq km. On completion, it will be home to 100,000 residents, workers, students and visitors.

With cultural and lifestyle experiences at its heart, Diriyah will include entertainment, learning, shopping, dining, hospitality, residential and workplace offerings.

In November last year DGDA announced the addition of 16 new global hotel brands to its hospitality portfolio, bringing the total of hotel management agreements to 32, with the first hotel planned to open in 2023.

Gigaprojects valued at over $1.1 trillion are under way in the kingdom. This includes more than 555,000 residential units, more than 275,000 hotel keys, in excess of 4.3 million sq m of retail space and over 6.1 million sq m of new office space expected by 2030, prompting Knight Frank to describe the kingdom as “the largest construction site the world has ever known”.