The $50 billion ambitious development at Diriyah, the ancient UNESCO World Heritage Site on the outskirts of Riyadh, is now handed over to Saudi Arabia’s sovereign wealth fund – the Public Investment Fund (PIF).
As the fifth giga-project to be funded by the Public Investment Fund, Diriyah joins the futuristic city of NEOM, the Red Sea Global tourism development on the west coast, Qiddiya, the entertainment and lifestyle destination 40 kilometers from the Saudi capital, and ROSHN, the largest residential real estate developer in the Kingdom.
Giga projects are a crucial component of the Public Investment Fund’s goal to diversify the Saudi economy by establishing new industries, encouraging public-private collaborations, and increasing prospects for investment and employment.
Along with cultural institutions, the Diriyah development will include upscale hotels and eateries constructed in the traditional Najdi architectural style.
The Diriyah Gate Growth Authority was in charge of overseeing Diriyah’s development, and it will continue to play a regulatory and oversight role in preserving Diriyah’s past and present.
Diriyah’s mud-brick walls were constructed on an oasis that separated from the banks of Wadi Hanifa and curved around the boundaries of Riyadh.
The Al-Saud family’s initial place of authority in the Kingdom was the At-Turaif area, home to its renowned citadel. The city’s establishment as the nation’s capital in 1727 laid the groundwork for the eventual unification of Saudi Arabia.