Saudi crown prince records $50B Diriyah as additional venture to PIF’s portfolio
Date
1/10/2023 1:49:55 AM
(MENAFN) Saudi Arabia’s sovereign wealth investment on Monday expected control of the ambitious USD50 billion improvement at Diriyah, the ancient UNESCO World Heritage Site on the outskirts of Riyadh.
Diriyah becomes the Public Investment Fund’s fifth giga-venture, in line with the futuristic NEOM town; the Red Sea International tourism advancement on the west coast; Qiddiya, the entertainment as well as lifestyle destination 40km from the Saudi capital; on top of ROSHN, the Kingdom’s biggest housing property developer.
Giga-projects are a vital pillar of the Public Investment Fund’s plan to expand the Saudi economy by starting new industries, sponsoring public-private cooperation, and growing investment as well as employment openings.
The Diriyah development is going to feature high-level hotels and restaurants established in traditional Najdi architectural style, along with conservation regions and cultural venues.
“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 representative stated.
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