PIF-owned Diriyah Company secured a SAR 6 bn (USD 1.2 bn) financing agreement from Banque Saudi Fransi (BSF) to fund the development of Diriyah’s Wadi Safar project, the company said in a statement on LinkedIn. No further details were provided on the financing terms.

ICYMI- Work began on the Wadi Safar project in July 2024, after the master developer awarded a SAR 8 bn contract to a joint venture comprising local contractor Al Bawani and Urbacon Saudi to build four luxury hotels as well as the Royal Diriyah Equestrian and Polo Club.

About the project: Wadi Safar is a master-planned gated community with resorts, branded residences, and retail outlets. The development “is set to attract over 50 mn visitors by 2030, making it one of the world’s most important cultural and tourism destinations,” Diriyadh said in its statement.

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