Diriyah Company secures US$1.6B financing for Wadi Safar hospitality development

SAUDI ARABIA – Diriyah Company has obtained US$1.6 billion (SAR 6 billion) in financing from Banque Saudi Fransi to advance Wadi Safar, a key part of its urban development, set to feature significant hospitality ventures.

The secured financing from Banque Saudi Fransi (BSF) to support the development of Wadi Safar, a 62 sq km ultra-luxury residential and hospitality destination.

As one of Diriyah Company’s three masterplans, Wadi Safar will feature high-end hospitality, sports, leisure, and retail assets, aligning with Saudi Arabia’s Vision 2030.

The financing agreement highlights Diriyah Company’s commitment to delivering a world-class project while reinforcing BSF’s role in supporting sustainable investments and economic transformation in the Kingdom.

The signing ceremony was attended by Jerry Inzerillo, Group CEO of Diriyah Company, and Bader Alsalloum, CEO of BSF, alongside senior executives from both entities, who emphasized the significance of this collaboration.

In July 2024, Diriyah Company awarded a US$2.13 billion (SAR 8 billion) construction contract for the Royal Equestrian & Polo Club and four luxury hotels, including Aman, Six Senses, The Chedi, and Faena.

Additionally, Wadi Safar will house a 27-hole Signature Golf Course designed by Greg Norman, along with the Royal Golf Club, further enhancing its position as an exclusive leisure destination.

Diriyah, located on the outskirts of Riyadh, is one of Saudi Arabia’s five giga-projects backed by the Public Investment Fund (PIF).

Once completed, the development is expected to house over 100,000 residents, provide office space for professionals in technology, media, arts, and education, create an estimated 178,000 jobs, feature over 40 world-class hotels, art galleries, museums, and retail districts, attract 50 million annual visitors, and contribute US$18.6 billion (SAR 70 billion) to Saudi Arabia’s GDP.

Diriyah’s first hotel, Bab Samhan – a Luxury Collection Hotel, recently opened, following the 2022 launch of At-Turaif and Bujairi Terrace, which have attracted over three million visits to date.

Founded in 2022, Diriyah Company is responsible for developing Diriyah, the birthplace of Saudi Arabia, into a historical, cultural, and lifestyle hub.

As part of PIF’s giga-project portfolio, the company is redefining urban planning, ensuring cultural preservation while integrating world-class retail, dining, and hospitality experiences.

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