• Diriyah has become the fifth giga-project in the sovereign wealth fund’s portfolio
• The other projects include NEOM, Red Sea, Qiddiya, and ROSHN

Arab News

RIYADH: The Diriyah project will join the portfolio of Saudi Arabia’s Public Investment Fund, the Kingdom’s Crown Prince Mohammed bin Salman announced on Monday.

With the announcement, Diriyah has become the fifth giga-project in the sovereign wealth fund’s portfolio.

The other projects include NEOM, Red Sea, Qiddiya, and ROSHN.

The development of Diriyah, a UNESCO World Heritage Site, was previously under Diriyah Gate Development Authority, which will continue its supervision, Saudi Press Agency reported, citing an announcement by the Saudi crown prince.

Giga-projects form a key pillar of the PIF’s overall strategy to diversify the Kingdom’s economy by launching new sectors, promoting public-private partnerships, and boosting investment and employment opportunities.

The $50 billion giga-project will feature some of the world’s most luxurious restaurants and hotels built in traditional Najdi architectural style, alongside conservation areas and cultural venues.

Curved along the outskirts of Riyadh, and formed on an oasis that split from the banks of Wadi Hanifa, Diriyah’s mud-brick walls once housed a thriving desert city that was a powerhouse of culture and commerce.

At-Turaif district, with its famous citadel, was the original seat of power for the Kingdom’s Al-Saud family. In 1727, the city was named the country’s capital, laying the foundations for what would later become a unified Saudi Arabia.

The development of Diriyah, a UNESCO World Heritage Site, was previously under Diriyah Gate Development Authority, which will continue its supervision, SPA said, citing an announcement by the Saudi crown prince.