RIYADH: Banque Saudi Fransi (BSF) has signed a financing agreement of SR6 billion ($1.6 billion) with Diriyah Co. to help build the Wadi Safar project. This deal is a testament to the private sector’s contribution to Saudi Arabia’s economic growth.
The Wadi Safar project is a major part of the larger Diriyah area, which expects to welcome more than 50 million visitors by 2030. Premium residential properties, luxury hospitality facilities, recreational venues, and commercial spaces will be a part of the development. It aims to develop an upscale, gated community within Riyadh with three major resorts – Six Senses, Aman, and Oberoi, as well as the Greg Norman-designed Royal Diriyah Golf Club.
The project supports Vision 2030’s objectives of increasing tourism and economic diversification. The Diriyah Gate Development Authority has set an example by combining heritage preservation with modern development, as demonstrated at Al-Bujairi Terrace, a popular tourist attraction since 2022.
BSF’s CEO, Bader Al-Salloom, and Diriyah Co.’s CEO, Jerry Inzerillo, highlighted that this partnership will not only strengthen Diriyah’s cultural and historical significance but also enhance sustainable development.
The Wadi Safar project, which was launched in December 2023, is one of Diriyah Co.’s major initiatives. It covers over 62 sq. km and is estimated to contribute SR18.6 billion to Saudi Arabia’s GDP while creating around 178,000 job opportunities.
This agreement reflects BSF’s commitment to supporting large-scale infrastructure and tourism projects that will help Saudi Arabia’s economic growth.
