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Saudi Arabia’s $63 billion Diriyah megaproject is taking shape with a flurry of new deals as the kingdom looks to complete major construction works in the capital before it hosts Expo 2030.
Diriyah is home to the historic mud-brick palaces of the UNESCO world heritage site at-Turaif, where the House of Saud traces its roots, as well as Michelin-listed restaurants and entertainment venues at Bujairi Terrace.
Developer Diriyah Company — backed by Public Investment Fund — secured $1.6 billion in financing to develop the Wadi Safar project, an upscale residential community being built alongside ultra-luxury resorts the Six Senses, Aman, and an Oberoi, in view of a Greg Norman-designed golf course. Armani, the Italian fashion house that has hotels and residences in Milan and Dubai, said it would build 15 branded residences in Diriyah.
In a bid to lure technology and media companies, Diriyah said it will build a dedicated commercial and residential district that aims to attract “global media networks, creative agencies, and professionals.”
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The development on the outskirts of the Saudi capital is one of five megaprojects underway under Saudi Vision 2030, Crown Prince Mohammed bin Salman’s economic transformation plan. More than 20,000 residential units are to be built in Diriyah, according to real estate consultancy Knight Frank.
Riyadh is the economic engine at the center of the strategy: some 50,000 young Saudi nationals have moved to the capital over the last five years as a result of jobs growth, according to Knight Frank. Growing demand for housing is spurring development activity. Diriyah alone has $29.6 billion worth of projects in the pipeline.
The PIF aims to generate around 178,000 jobs through the development of Diriyah, and contribute nearly $5 billion to the kingdom’s economy when the project is done.