Diriyah to become PIF’s fifth giga-project
The announcement reflects the work being done to enable the Saudi cultural identity, which includes the Diriyah Project
His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF) has announced that Diriyah will be PIF’s fifth giga-project, reflecting its status as a unique destination with distinctive cultural, historical, and tourism landmarks.
The announcement from the Crown Prince reflects the work being done to enable the Saudi cultural identity, which includes the Diriyah Project due to its historic, cultural, and political value, while also showcasing 300 plus years of Saudi Arabian history to the world. The project is a globally significant destination that includes the UNESCO World Heritage Site of Turaif District.
These cultural and historical aspects position Diriyah as an unrivaled destination of global significance, where the authenticity of Saudi heritage can be celebrated, revealing the historic origins of modern Saudi Arabia, a statement said.
It added that tourists will have the opportunity to explore and get to know Saudi’s history, and its culture at the city’s museums and purpose-built pavilions. Furthermore, the Diriyah giga-project is expected to enable many strategic domestic sectors, create partnerships with the local private sector, and unlock many new investment opportunities throughout its development and production phases.
In late November 2022, PIF subsidiary SEVEN said it would invest $13.3bn into 21 integrated entertainment destinations in KSA.
These include sectors such as construction, operation and management of hotels, retail, entertainment, and cultural facilities, creating thousands of new job opportunities, and providing a series of initiatives designed to contribute to enriching the quality of life for residents and visitors, the statement continued.
Giga-projects form a key pillar of PIF’s overall strategy, as they are instrumental in creating new economic ecosystems and launching new sectors that drive economic growth and diversification in Saudi Arabia, as well as creating investment opportunities across multiple sectors.
PIF’s giga-projects portfolio currently includes NEOM, Red Sea, Qiddiya, Roshn, and now Diriyah projects. Established by Royal Order in 2017, the Diriyah Gate Development Authority (DGDA) will continue its regulatory and supervisory role in maintaining the heritage and history of Diriyah.
In addition, DGDA will also continue serving the Diriyah community, while providing full support to establish the Diriyah project as one of the world’s most prominent tourist destinations.
In early December 2022, JLL said that the Saudi construction segment remains the strongest in MENA.
The Diriyah Project aligns with PIF’s strategy to focus on unlocking the capabilities of promising sectors, including the tourism and culture sectors, to support Saudi Arabia’s position regionally and internationally as a leading tourism and cultural destination, the statement concluded.
In late December 2022, Shapoorji Pallonji was awarded the contract for the development of the first of 21 fun parks in the Kingdom.
