Diriyah Company signs $1.6bln (SAR6bln) financing agreement with Banque Saudi Fransi for Wadi Safar development

Diriyah Company has secured a USD1.6 billion (SAR 6 billion) financing agreement from Banque Saudi Fransi (BSF) to fund the development of the Wadi Safar masterplan, a key area within the Diriyah urban development project.

The signing ceremony was attended by Jerry Inzerillo, Group Chief Executive Officer of Diriyah Company, and Bader Alsalloum, Chief Executive Officer of BSF, along with senior executives from both entities. The attendees stressed the importance of this partnership in supporting sustainable development and enhancing Diriyah’s position as a prominent tourist and cultural destination.

As one of the three masterplans developed by Diriyah Company, Wadi Safar is a 62 sq km highly exclusive residential development that will feature a selection of ultra-luxury hospitality, sports and leisure, and retail assets.

In July 2024, a USD2.13 billion (SAR 8 billion) joint venture construction contract was awarded for the development of the Royal Equestrian & Polo Club and four world-class hotels including Aman, Six Senses, The Chedi, and Faena. Wadi Safar is also the location for the prestigious 27-hole Signature Golf Course designed by Greg Norman and Royal Golf Club.

The financing agreement with BSF underscores Diriyah Company’s commitment to delivering a world-class development that aligns with Saudi Vision 2030. It also reflects BSF’s commitment to financing strategic projects, reinforcing its role in supporting sustainable development and promoting quality investments that contribute to the Kingdom’s economic transformation.

Located on the outskirts of Riyadh, Diriyah is one of Saudi Arabia’s five giga-projects, supported by the Public Investment Fund (PIF). This integrated urban development is designed to provide homes for over 100,000 residents, office space for tens of thousands of professionals in the technology, media, arts and education sectors, create an estimated 178,000 jobs, build over 40 world-class hotels, art galleries, museums and retail districts to attract 50 million annual visits, and contribute USD 18.6 billion (SAR 70 billion) to Saudi Arabia’s GDP once completed. Diriyah’s first hotel, Bab Samhan – a Luxury Collection hotel, recently opened, following the launch of the UNESCO World Heritage site of At-Turaif and Bujairi Terrace in 2022, which have attracted over 3 million visits to date.