Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF), has designated the Diriyah Project in Riyadh as PIF’s fifth giga project.
PIF is the country’s sovereign wealth fund and the other giga projects in its portfolio also located in the kingdom include Neom, Red Sea, Qiddiya and Roshn.
Diriyah is a US$63.2 billion mixed-use development and features the UNESCO World Heritage site of the mud-brick-walled At-Turaif District.
The Diriyah project was first announced in 2017 and the current development is spread over 14 sq km. It is being developed in three phases – Diriyah Gate 1 (DG1), Diriyah Gate 2 (DG2) and Diriyah Gate 3 (DG3)
Business Traveller Middle East was recently given exclusive access to view its masterplan at the headquarters of the Diriyah Gate Development Authority (DGDA) in Riyadh. You can read all about it by clicking on the link below.
A statement issued by state-run Saudi Press agency noted that 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 DGDA recently announced that 16 additional global hotel brands which will join its hospitality portfolio in Diriyah. The 16 hotel brands slated to open will be situated across two of DGDA’s masterplan areas – Diriyah and Wadi Safar. That announcement takes the list of confirmed openings to 32, with its first hotel planned to open in 2023. Diriyah’s first phase of hotel construction will feature an interpretation of the local landscape and traditional Najdi design themes.
As part of the first phase of the mega development, Diriyah’s premium dining destination of Bujairi Terrace overlooking At-Turaif opened to the public in December last year.