Skip to content Skip to Search
Skip navigation

Saudi Arabia adds Diriyah to PIF’s gigaproject portfolio

Saudi Arabia's At-Turaif is a UNESCO World Heritage site visitsaudi.com
Saudi Arabia's At-Turaif is a UNESCO World Heritage site

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”.

Latest articles

Plenary founder and director Paul Oppenheim, Plenary CEO David Lamming and Ahmed Ali AlShamsi, director of energy and utilities at ADQ

ADQ buys stake in Australian investment company

The UAE’s investment fund ADQ has acquired a 49 percent stake in Australian infrastructure investor Plenary Group as part of its expansion drive. The Abu Dhabi state-backed company will acquire all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to invest in a range of Plenary’s […]

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]

Garden, Nature, Outdoors

UAE commits $50m to development fund

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low […]

Abu Dhabi’s last debt market activity included a $2 billion bond in May 2021 followed by a further $3 billion in September

Abu Dhabi launches $5bn bond issue

Abu Dhabi has initiated $5 billion in a three-tranche bond after a hiatus of three years, according to a media report. The $1.75 billion five-year bond, $1.5 billion 10-year tranche and $1.75 billion 30-year issue was priced at 35, 45 and 90 basis points, respectively, over US Treasuries, fixed income news service IFR reported. Abu Dhabi […]