Saudi Arabia’s $63.2bn Diriyah giga-project secures $533m financing for branded residences in Diriyah and Wadi Safar. Diriyah Company secured the financing from Arab National Bank (anb) to support its ambitious residential development strategy.
The SAR 2bn financing agreement will support the development of more than 300 branded residences across the two masterplans. The projects form part of a wider residential strategy targeting around 18,000 homes capable of accommodating 100,000 residents.
$533m Financing to Support Branded Residences
The financing will support the continued development of branded residential projects in Diriyah and Wadi Safar, which span 14 sq km and 62 sq km respectively. The two masterplans are set to feature a diverse mix of residential communities, hotels, cultural and educational facilities, as well as entertainment and sports destinations.
The agreement represents the first financing partnership between Diriyah Company and anb and reflects growing institutional support for the giga-project and its long-term development plans.
Diriyah Targets 18,000 Homes for 100,000 Residents
As part of its long-term residential strategy, Diriyah Company plans to develop approximately 18,000 homes across Diriyah and Wadi Safar, providing accommodation for around 100,000 residents. The portfolio of more than 300 branded residences will form a key component of this strategy, further strengthening Diriyah’s position as a major residential, cultural and tourism destination.
The financing also adds further momentum to Saudi Arabia’s $63.2bn Diriyah giga-project, which continues to expand its residential, hospitality, cultural and entertainment offering.
More Than $30bn in Contracts Awarded
The wider Diriyah development has an estimated value of SAR 236bn ($63.2bn), with Diriyah Company having awarded more than SAR 110bn ($30bn) in major contracts to date. More than 63,000 workers are currently engaged across the project, according to the company.
The latest financing agreement provides additional capital for the development of residential and other assets across the Diriyah and Wadi Safar masterplans, supporting the continued progress of Saudi Arabia’s $63.2bn Diriyah giga-project and its long-term development ambitions.
