Saudi Crown Prince Adds $50bn Diriyah Project to PIF’s Portfolio

Saudi Arabia’s sovereign wealth fund on Monday assumed control of the ambitious $50 billion development at Diriyah, the historic UNESCO World Heritage Site on the outskirts of Riyadh.

Diriyah becomes the Public Investment Fund’s fifth giga-project, alongside the futuristic NEOM city; the Red Sea Global tourism development on the west coast; Qiddiya, the entertainment and lifestyle destination 40 km from the Saudi capital; and ROSHN, the Kingdom’s largest residential property developer.

Moreover, giga-projects are a key pillar of the Public Investment Fund’s strategy to diversify the Saudi economy by launching new sectors, promoting public-private partnerships, and boosting investment and employment opportunities. The Diriyah development will feature luxury hotels and restaurants built in the traditional Najdi architectural style, alongside conservation areas and cultural venues.

Besides, Diriyah is a mud-brick city on the outskirts of Riyadh. It was formerly home to a bustling desert metropolis that was a centre of business and culture. Diriyah arose on an oasis that broke from the banks of Wadi Hanifa.

Al-Turaif district, with its famous citadel, was the original seat of power of the Kingdom’s Al-Saud family. In 1727, the city became known as the country’s capital, laying the foundations for what would later become a unified Saudi Arabia. Eventually, undertaking management of the planned $50 billion development in Diriyah is Saudi Arabia’s national wealth fund.